Arab Today, arab today greece to sell 67 of piraeus port to chinas cosco for 3685m
Last Updated : GMT 22:28:34
Arab Today, arab today
Arab Today, arab today

Greece to sell 67% of Piraeus port to China's COSCO for 368.5m

Arab Today, arab today

Arab Today, arab today Greece to sell 67% of Piraeus port to China's COSCO for 368.5m

Ferries are seen docked at the Port of Piraeus
Athens - AFP

Greece's privatisation agency announced Wednesday it had accepted a 368.5 million-euro ($402.4 million) bid for 67 percent of the Port of Piraeus by China's COSCO.

"HRADF's Board of Directors evaluated the improved economic offer, taking into account the two existing valuations for (the Piraeus Port Authority) and decided to declare COSCO (Hong Kong) Group Limited as the preferred investor," the privatisation agency said in a statement.

It called the deal, which also includes 350 million euros of investment into the port plus revenues of 410 million to go to the state, "a very important milestone" in the Greek government's privatisation programme.

The China Ocean Shipping Company was the only bidder for the majority stake in the port, Greece's largest and one of the busiest in Europe.

Denmark's APM and International Container Terminals Services of the Philippines had also expressed interest in Piraeus, but did not submit bids.

COSCO through a subsidiary manages the two main container terminals at the port under a 35-year concession signed in 2008, with the objective of making Piraeus a key port of entry for Asian goods into Europe.

The privatisation of the port has been postponed several times in recent years, with the arrival of the leftist government of Prime Minister Alexis Tsipras putting it on ice last year.

But as part of an 86-billion ($94 billion) bailout last year needed to keep Greece in the eurozone, Tsipras agreed to move forward on the privatisation of a number of companies.

Workers at the port have recently gone on strike and demonstrated against the sale at what they feared would be too cheap a price.

The Greek government plans to keep a stake in the port, which is listed on the Athens stock exchange.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greece to sell 67 of piraeus port to chinas cosco for 3685m Arab Today, arab today greece to sell 67 of piraeus port to chinas cosco for 3685m

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greece to sell 67 of piraeus port to chinas cosco for 3685m Arab Today, arab today greece to sell 67 of piraeus port to chinas cosco for 3685m

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday