Final Bids for Piraeus Port Privatization Submitted

The procedure for the submission of binding offers for the privatization of the Piraeus Port Authority SA was completed on Monday, the Hellenic Republic Asset Development Fund informed.

“Further announcements will be made on January 12, 2016 after the opening of the financial offers,” HRADF said, without disclosing identity of the potential buyers.

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.

China’s Cosco Group, Maersk Group’s APM Terminals, and Philippines-based International Container Terminal Services (ICTSI) have expressed interest in bidding for majority stake in the Piraeus port.

The announcement comes after several delays in the privatization bidding process following the Greek elections and the country’s bailout talks with the EU.

Greece recently signed a memorandum of understanding (MOU) with its international lenders which stipulated setting of binding bid dates for the privatization of ports of Piraeus and Thessaloniki, which are to be sold under the same terms.

The proceeds from the sales and privatization of national assets are expected to reach EUR 6.4 billion by 2017, Reuters reports. The MOU is a prerequisite for Greece if it wants to gain access to around EUR 85 billion offered through a new bailout program.

World Maritime News Staff