Greece Wants Better Offer for Piraeus Port from Cosco

Piraeus Port Chinas port operator Cosco Group (Hong Kong) Limited has been confirmed as the sole bidder for Greek Piraeus Port Authority SA, the Hellenic Republic Asset Development Fund informed. The binding financial offer for the sale of a 67% shareholding in Piraeus Port was unsealed yesterday, the fund said. According to the terms of the process, the Fund requested the submission of an improved financial offer to be assessed at a subsequent meeting of the Board scheduled to be held in the coming week, the fund adds. The bidding process closed on December 21st. The tender process for the sale of 67% of the shares of the Piraeus Port Authority was launched in March 2014, but the stake has since been downsized to 51 percent. It is expected that the sale value of the 51 percent stake could reach about USD 179 million. The selected winner has the option to purchase additional 16 percent stake over five years, however first it has to invest around EUR 300 million in port development.   World Maritime News Staff