Chinese shipping¹ company COSCO has acquired the majority of stakes in PPA, operator of the Greek port of Piraeus.

 

中国远洋运输集团已获得希腊比雷埃夫斯港口管理局大部分股权。
 

 

The transfer of the 51-percent equity² holding and the custody³ of an additional 16-percent stake was officially completed after COSCO signed a memorandum⁴ of understanding with Greece's state-owned asset development fund "HRADF".

 

COSCO will take over the management of the port following the deal.

 

HRADF launched the bid for the port in January.

 

COSCO was the only bidder⁵ after other potential buyers decided⁶ to give up.

 

Stergios Pit-siorlas, chairman of HRADF, says the Chinese investment is welcomed by his country.

 

"The progress has been very smooth so far. Of course we have had some problems in the past. But I think, the Piraeus Port, and Greek society, have taken the project as a positive thing. The whole community realized that this is not only a transaction, but also good for the Greek economy."

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