COSCO Shipping International acquires additional stake in Piraeus Port

Chinese port operator COSCO Shipping International (Hong Kong) has acquired an additional 16 per cent interest in Piraeus Port Authority (PPA) through the purchase of shares from the Hellenic Republic Asset Development Fund (HRADF).

The transfer was carried out through Athens Stock Exchange after an amendment to a previous concession agreement. The company paid the HRADF the price of €88 million for 16% of the shares.

In addition to this, HRADF collected plus €11.87 million in accrued interest, as well as a letter of guarantee worth €29 million.

In 2019, the Greek Committee of Planning and Development of Ports approved part of COSCO’s plans to acquire PPA, Greece’s largest port.

According to the PPA, the funding for development works by COSCO would cover all the business units of the company and would contribute to the development of the local and national economy.

COSCO Shipping International officially signed a deal for the transfer of a majority stake in the Piraeus Port Authority in April 2016.

Two weeks ago, the Chinese firm signed an agreement with Integrated logistics service provider COSCO Shipping International (Singapore) Co., to acquire 60 percent in dry bulk shipping company COSCO Shipping (Singapore) Pte. Ltd. The deal is worth $42.4 million.