Cosco Shipping acquires majority stake in Piraeus Port Authority

Cosco Shipping on Wednesday acquired a majority stake in Piraeus Port Authority through the Athens Stock Exchange, it was reported Wednesday.

The Chinese company signed a memorandum of understanding which formally completes the transfer of a 51 percent equity holding in Piraeus Port Authority and the custody of an additional 16 percent stake.

Cosco (Hong Kong) Group Limited, wholly owned by Cosco Shipping, officially became the controlling shareholder of the port, and took over its management and operation.

President of Cosco Shipping Wan Min visited the Athens Stock Exchange and rang the bell at the opening session, marking the debut at Greece's largest port.

Gao Wenqi, Charge d'Affaires of the Chinese Embassy in Greece, Charalampos Gotsis, chairman of the Hellenic Capital Market Commission and other Greek and Chinese officials attended the ceremony.

Source : XINHUA