Plakiotakis – Cosco’s investment in Piraeus is crucial

“The investment of Cosco Shipping Group in the port of Piraeus is of key importance for the city, the local community, the national economy, but also the geostrategic position of our country in the wider region”, said the Minister of Shipping and Island Policy Giannis Plakiotakisthis morning  , in a special event for the exchange of documents for the transfer of 16% of the PPA shares to Cosco, which took place in the presence of the Minister of Development, Adonis Georgiadis.

Mr. Plakiotakis stressed that the capacity and dynamics of the port have been significantly strengthened and will be strengthened even more, with the completion of the ongoing investment program.

He added that the amendment of the concession agreement and the transfer of the additional 16% of the share capital of PPA SA to Cosco Shipping ensures the acceleration and development of the investment, while ensuring the interests of the Greek State, but also the very important benefit for the local community. and the national economy.

He spoke of a sincere negotiation based on the constructive cooperation of both sides, emphasizing that this cooperation will continue, in order to yield multiple positive results.

He also pointed out that the Greek side expects the acceleration of the implementation of the investment plan in the port of Piraeus and its expansion in the coming years.

The Minister of Shipping stressed that the government has managed, in just 2 years, to upgrade the investment status of Greece and this finds a response in the markets.

“The credibility of our country has been restored. “Investors now know and recognize that Greece treats them fairly and responsibly,” he stressed.

It is noted that the stock transfer of 16% of the PPA shares in Cosco Shipping was recently completed by the HRADF.

The completion of the transaction followed the amendment of the Concession Agreement between the State and the PPA and its ratification by Parliament.

Respectively, the HRADF and Cosco Shipping signed the amended Share Purchase Agreement (SAM) and the Shareholder Agreement (SH).

For 16% of the PPA shares, Cosco paid to the HRDH the price of 88 million euros, plus accrued interest of 11.87 million euros, as well as a letter of guarantee of 29 million euros.