Piraeus Port: Procedure for Submission of Final Bids for Majority Stake Completed

The procedure for the submission of binding offers for a majority stake in Piraeus Port Authority, the operator of Greece’s biggest port, was completed on Monday, according to the country’s privatisation agency TAIPED.

The prospective buyers will not be made public until January 12, 2016, after the opening of the financial offers, TAIPED said in an announcement.

China’s Cosco Group, Denmark’s container terminal operator APM Terminals and Philippines-based International Container Terminal Services were reported to be interested in the sale.

The preferred bidder of the tender can acquire another 16 percent of the port’s share capital in five years, considering that investments of some 300 million euros have been carried out.

According to Greek daily Vima, only Cosco, which already manages the piers II and III of the port, made a bid to acquire 51 percent of the share capital of Piraeus Port Authority.