Greece Sells Major Stake in Thessaloniki Port

The Greek government has signed a deal to sell a majority stake in Thessaloniki Port for EUR 231.9 million (USD 275 million) as part of the country’s bailout plan.

The agreement for the sale of 67 percent stake in Thessaloniki Port Authority (THPA) was signed on December 21.

Signatories include Hellenic Republic Asset Development Fund (HRADF) and South Europe Gateway Thessaloniki (SEGT) Limited, a company set up by the preferred investor consortium comprising Deutsche Invest Equity Partners, Belterra Investments and Terminal Link SAS.

As informed, the total value of the deal is EUR 1.1 billion and includes mandatory investments amounting to EUR 180 million within the next seven years as well as expected revenues from the concession agreement.

The total value also includes the expected dividends to be received by the HRADF for the remaining 7.22% of shares and the estimated investments until the end of the concession period in 2051.

The deal was signed after the approval by the Court of Auditors, while the approval from the Hellenic Competition Commission is still pending, HRADF said in a statement.

The agreement will be ratified by the parliament and the transaction is expected to be completed by Q1 2018.

“The transaction signifies, rather successfully, the achievement of another key milestone in the fund’s asset management and development plan, while launching a new era for the Port of Thessaloniki and the prospects of economic growth for Northern Greece and the country in general,” according to HRADF.

Last year, Greece also sold a 51 percent stake in Piraeus Port to China’s Cosco Group for EUR 280.5 million.

The privatization of the two ports has been one of the key conditions of the country’s bailout plan with the EU lenders.

“The exploitation of the Thessaloniki Port, along with the positive impact the successful conclusion of the exploitation agreement of Piraeus Port already has, forms an axis of growth and development that crosses vertically our country, further enhancing the role of Greece as the European gateway to international companies for trade and cruise,” Aris Xenofos, Executive Chairman of HRADF, commented.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2018 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

TRANSTEC 2018

TRANSTEC 2018 welcomes participants to explore Russian Ports and Shipping development opportunities…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

The 27th World Gas Conference

The 27th World Gas Conference is the leading global industry event and is the definitive gathering of influential leaders, buyers and sellers, policy-makers and experts from around the world.

You will hear critical business insights and lively debates on the most topical issues facing the global gas industry today and in the future.

From 25-29 June 2018, Washington DC is expected to host 12,000 attendees, 500 speakers and 350 exhibitors representing, more than 600 companies from 100 countries.

Presented by the IGU, this is the largest and most high-profile gas event that is conducted by the industry for the industry.

Read More

read more >

SMM 2018

This is a must-attend event – a unique opportunity to meet key players, display business strengths, establish new contacts and exchange…

read more >