On 5/3/2014 HRADF issued an international tender process for the sale of 67% of the shares of Piraeus Port Authority S.A. (PPA – “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 OLP’s 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.
In the second stage, on 6/10/2021, the remaining 16% shares were transferred to COSCO SHIPPING (Hong Kong) Co., Limited which paid HRADF the price of €88 million for 16% of the shares, for which HRADF collected €11,87 million in accrued interest.
The implementation of the transaction follows is made pursuant to the Concession Agreement (CA) between the Greek State with PPA S.A. and its ratification by the Greek Parliament. Respectively, HRADF and COSCO SHIPPING (Hong Kong) Co., Limited signed the amended Share Purchase Agreement (SPA) and the Shareholders Agreement (SHA).
For the sake of securing HRADF’s interests, the 16% OLP shares transferred to COSCO SHIPPING (Hong Kong) Co., Limited were placed into custody and are under the condition subsequent (“διαλυτική αίρεση”) of non-implementation of the agreed terms, by reversal of the sale and transfer of the shares, maintains the liquidated damage clauses of the CA, HRADF has received an additional letter of guarantee of €29 million while the single member appointed HRADF in the OLP BoD enjoys enhanced veto rights.
Following the transfer of the 67% of the PPA shares, HRADF holds 7.14% of the shares.
Financial Advisors (tender process): Morgan Stanley and Piraeus Ban
- 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)