Piraeus port share transfer to Cosco completed

10 August 2016
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A majority stake of the Piraeus Port Authority’s shares (OLP) was transferred, as expected, to Chinese multinational Cosco on Wednesday, on the sidelines of a special event held at the Athens Stock Exchange and in the presence of the Greek semi-autonomous privatization fund’s top management.

Following the development, state-run and Shanghai-based Cosco Shipping Corp. assumes 51 percent of the port authority, which runs the biggest and busiest port in Greece.

The transfer was achieved via a 12.75-million-euro tranche, which translates into 22 euros per share.

Another 16 percent of OLP’s shares will be transferred to Cosco when a massive round of investments promised by the Chinese shipping giant are implemented.

The total benefit for the Greek state reaches 368.8 million euros.

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