On 5/3/2014 HRADF issued an international tender process for the sale of 67% of the shares of OLP, the company which has the right to operate the Port of Piraeus until 2052.
Following the successful completion of the tender process, on 8/4/2016 a Share Purchase Agreement was signed with Cosco (Hong Kong) Group Limited for the transfer of 67% of the shares in two stages.
In the first stage, on 10/8/2016, 51% of the shares were transferred against payment of €280.5 million while the remaining 16% of the shares and their corresponding consideration of €88 million were placed on escrow.
The second stage which relates to the transfer of the remaining 16% of the shares will be concluded five years later, following the completion of the mandatory capital expenditure program of €300 million.
Following the transfer of the remaining percentage, HRADF will hold 7% of the shares.
Financial Advisors: Morgan Stanley and Piraeus Bank
- Invitation to submit an expression of interest for the acquisition of a majority stake in the share capital of Piraeus Port Authority S.A. (2014.03.05)
- Clarifications & Answers - OLP (2014.04.04)
- Clarifications & Answers - OLP (2014.04.16)
- Clarifications & Answers OLP (2014.04.24 - Part A)
- Clarifications & Answers - OLP (2014.04.24 - Part B)
- OLP: Invitation for proposals to act as an independent valuer (2015.10.05)