Greece’s privatizations firm moved shares representing a 16% risk in Piraeus Port Authority to Chinese port driver COSCO Shipping after a change to a previous giving in contract, it stated on Thursday.
Last month Greek legislators changed a manage COSCO enabling it to increase its risk in Greece’s greatest port of Piraeus, leading the way for Greece to protect a significant financial investment.
Under a 2016 privatization bargain, COSCO Shipping purchased a 51% risk in Piraeus Port Authority for 280 million euros ($ 328 million) and also devoted to compulsory financial investments worth regarding 294 million euros over 5 years to purchase an added 16% risk.
The Hellenic Republic Asset Development Fund (HRADF) stated it moved the shares on the Athens supply Exchange.
COSCO Shipping paid 88 million euros for the 16% risk plus 11.87 million euros in built up rate of interest and also a letter of warranty of 29 million.
Piraeus has actually turned into a significant transhipment center for items predestined for Mediterranean and also Black Sea ports given that COSCO took control of its container procedures in 2009 and also updated its facilities.
(Reporting by George Georgiopoulos; Editing by Kirsten Donovan)
