Privatisation of Piraeus Port Authority
The Greek state and the European Union (EU) have agreed on a privatisation plan in respect of state-owned assets in order to leverage private investment to help restructure the Greek economy and contribute to the ongoing fiscal consolidation effort. Such national programme for the privatisation of Greek assets by the Hellenic Republic Assets Development Fund (HRADF) is estimated to collect approximately €11bn (£9bn). One of the most valuable assets of the Hellenic Republic is the Piraeus seaport, the largest port in Greece and one of the largest in the Mediterranean Sea, such port playing a vital role in the development of the international trade activity, as well as of the national economy. In addition, its location close to the international trading routes makes it an international hub facilitating cargo transhipment.
The administration and operation of the Piraeus Port is controlled by the Piraeus Port Authority (PPA) through a concession agreement concluded between the PPA and the Hellenic Republic in 2002, which was ratified by the law 3654/2008 in 2008. The HRADF is responsible for, among other things, the privatisation of PPA as part of the privatisation programme known as the Medium-Term Fiscal Strategy Framework 2012–15 of Law 3985/2011. As a result, in 2012 the HRADF acquired a percentage of 74.14 per cent of the PPA’s total share capital and on 5 March 2014 its board of directors announced the sale of a 67 per cent stake in the share capital of the PPA through an international competitive tender process. The terms of the call for such tender, which have been approved by the Greek parliament, are officially outlined in an invitation to submit an expression of interest, which invites any potential interested individual or legal entities to express interest for the acquisition of the majority stake until 28 April 2014. This deadline completes the first phase of the tender as the second is related to the examination of each submitted bid and the final choice of the highest bidder…
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