COSCO SHIPPING International (Hong Kong) has acquired an additional 16% stake in Piraeus Port Authority (PPA) through the purchase of shares from Hellenic Republic Asset Development Fund (HRADF).
The transfer was made through Athens Exchange following an amendment to a previous concession agreement.
COSCO SHIPPING International paid 88m euros. On top of that, HRADF also collected 11.87 million euros in accrued interest and a guarantee letter worth 29 million euros.
In 2019, Greece's Committee of Planning and Development of Ports approved part of COSCO's planned acquisition of Piraeus Port, Greece's largest port.
According to the agreement, COSCO SHIPPING's development project funds will cover all PPA business units and will contribute to the development of local and national economy in Greece.
Source: Sarah Yu, XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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