Greece to Sell Two Ports to Unlock Bailout Funds

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In May 2015, Greek Government invited bids from Maersk Group’s APM Terminals, China’s Cosco Group and Philippines-based International Container Terminal Services (ICTSI) to own 51% stakes in the Piraeus Port.  The companies are to present their bids this month.  The Greek Government has also given them an option to increase their ownership stake from 51% to 67%, if the highest bidder invests EUR 300 million in the port within 5 years of purchase.

Greece’s international bailouts have always had privatization of state assets as an escape route.  However, in the past few years, Greece has failed to keep promises to sell vital part of its infrastructure such as airports, marinas in exchange for loans.

On 4th September, Thursday, Greece plans to float similar tender bids to potential interested parties for its Thessaloniki Port Authority (OLTH) as well.  They expect the completion of the sale and handing over of the port in June 2016.

Greece also signed an MOU with its international lenders to ensure that the bid dates for both the ports of Piraeus and Thessaloniki will be announced by October.

Source: Reuters

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