Chinese COSCO has completed a purchase of controlling stake in the port of Piraeus

Almaty. August 11. Silkroadnews – China Ocean Shipping Company (COSCO) and Hellenic Republic Asset Development Fund have signed a memorandum on completion of deal on the controlling stake in Piraeus Port Authority SA – the Piraeus port operator, “Xinhua” agency reports.

“Cosco Shipping Hong Kong, wholly owned by Cosco Shipping, thus, officially became the controlling shareholder of the port”, the publication says.

Member of the Board and CEO of COSCO Wang Min said that after a change of control over the port the company plans to invest around €290 million into cruise and ship-repairing operations and other projects within next 5-7 years.
Earlier it was reported that on April 8 COSCO and Hellenic Republic Asset Development Fund signed an agreement on acquisition of 67% stake in the company managing the port of Piraeus by COSCO for €368.5 million. On June 30 Greek Parliament approved the agreement.

Russian media reported, under the terms of the agreement COSCO is first to pay €280.5 million for a 51% stake, and within next five years to receive another 16% for €88 million in case its investments in the development of the port is not less than €350 million.