Thessaloniki Port Authority Gets 67% Stake of Volos Port

The port of Volos. Photo source: HRADF

The Thessaloniki Port Authority SA was announced as the preferred investor in the tender for the development of the state-owned port of Volos in Thessaly, the Hellenic Republic Asset Development Fund (HRADF), Greece’s privatization agency, said on Thursday.

The agency announced that the Thessaloniki Port Authority submitted the highest bid of 51 million euros for the acquisition of 67 percent of the share capital of Volos Port Authority (VPA) SA.

According to HRADF, the development comes at a critical moment for the region of Thessaly and serves as a testament in the faith of the investment community in the prospects of the port of Volos, the area of Magnesia and the Greek economy as a whole.

“It is also a vote of confidence in the procedures of HRADF, which operates with transparency, speed and efficiency for the development of critical assets for the benefit of the local communities and the public interest,” the privatization agency said.

The Consortium Goldair Cargo S.A. – Goldair Handling S.A. was announced as “substitute preferred investor” in the tender for the 67 percent of the share capital of VPA SA by HRADF’s Board of Directors.

The port of Volos. Photo source: HRADF

A file relating to the tender process will be submitted to the Court of Audit for pre-contractual audit and the transaction documents will be signed after the relevant approval. According to the terms of the international tender, the total sum will be paid in a single instalment.

The main activities of VPA SA include freight and container services, steel and scrap metal, dry and wet bulk cargo along with passenger services, including ferry boats to the Sporades islands, as well as cruise activities.

The HRADF is a member of the GROWTHFUND – The National Fund of Greece.