China’s port operator Cosco Group (Hong Kong) Limited has signed an agreement on April 8, 2016 with the TAIPED (Hellenic Republic Asset Development Fund) for the transfer of a majority stake in Piraeus Port Authority, local media reported.
Cosco Group submitted a binding offer for the stake offering a price of EUR 22 per share, ie EUR 368.5 million (USD 402.3 million) for the 67% stake in January, which the fund approved in February.
The signing ceremony was presided over by the Greek Prime Minister Alexis Tsipras, who said that the agreement will cut the Silk Road shorter, adding that the deal is expected to boost similar investments into the country which is fighting to recover economically.
Source: World Maritime News
