On April 8, Hellenic Republic Asset Development Fund (HRADF) and China Cosco Shipping Corporation signed the agreement for the sale of 67% of Piraeus Port Authority for a total consideration of EUR 368.5 mil.
The agreement will be ratified by the Parliament and the transaction is expected to be completed by June.
The total value of the agreement is EUR 1.5 billion and includes the aforementioned offer, amounting to EUR 368.5 mil., mandatory investments over the next decade, amounting to EUR 350 mil., and the expected, for the Hellenic Republic, revenues by the Concession Agreement (concession return at the rate of 3.5% of PPA’s turnover), namely, an expected total amount of EUR 410 million. The total amount takes also into account the expected dividends and the interests to be received by HRADF, as well as the estimated investments by the end of the concession in 2052.
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