Cosco Acquires Owns Piraeus Port
China's COSCO Shipping , owner of the world's fourth largest container fleet, took a 51 percent stake in Greece's largest port on Wednesday.
According to MANA,The sale of Piraeus Port had been suspended by the leftist-led government when it won elections in January 2015 but talks resumed after Greece agreed an 86 billion euro bailout deal with its euro zone partners.
COSCO agreed to buy 51 percent of Piraeus Port (OLP) in April for 280.5 million euros ($312.51 million) under a deal signed with the HRADF, Greece's privatisation agency.
COSCO is expected to increase its stake in Piraeus Port to 67 percent over the next five years, HRADF said.
The port's container throughput stood at 3.36 million 20-foot equivalent units (TEUs) last year, up from 880,000 TEUs in 2010.
COSCO agreed to buy 51 percent of Piraeus Port (OLP) in April for 280.5 million euros ($312.51 million) under a deal signed with the HRADF, Greece's privatisation agency.
COSCO is expected to increase its stake in Piraeus Port to 67 percent over the next five years, HRADF said.
The port's container throughput stood at 3.36 million 20-foot equivalent units (TEUs) last year, up from 880,000 TEUs in 2010.