Greece Asks Bidders to Increase Thessaloniki Offer

THPA After it received three bids for the sale of a 67% stake in Thessaloniki Port Authority, Greece has asked the interested companies to submit improved financial offers. Hellenic Republic Asset Development Fund (HRADF) requested the improved bids on April 7, after the Board of Directors unsealed the three binding financial offers from International Container Terminal Services (ICTS) from the Philippines, the Peninsular and Oriental Steam Navigation Company, a DP World company, and Germany’s Deutsche Invest Equity Partners GmbH together with Belterra Investments LTD and Terminal Link SAS. The three companies submitted their offers on March 24. Citing port officials, Reuters earlier informed that once the improved bids are in, the winner of the tender should be familiar by the end of the next month. Under the terms of the tender, the winner would be given a 40-year concession to operate the port, which is being privatized within Greeces bailout plan. The buyer of the majority stake in Thessaloniki is expected to invest up to EUR 180 million (USD 192 million) in port development by 2021. Thessaloniki Port Authority, the second largest port in the country, is being privatized under the same terms as its counterpart Piraeus, the majority stake of which was officially acquired by China’s port operator Cosco Group (Hong Kong) Limited in August 2016. The privatization processes of the countrys two ports were launched in 2014.