Cosco and five more groups interested in the PPC

Cosco and five more groups have expressed interest in the privatization of the PPC. They are:

-APM Terminals B.V.
-Cartesian Capital Group, LLC
-International Container Terminal Services, Inc
-Ports America Group Holdings
-Utilico Emerging Markets Limited

With the declaration of interest by six investment vehicles, ended today, the deadline for expressions of interest for the acquisition of 67% of the share capital of PPC SA, as was announced by the HRADF.

In the short-term, consultants will evaluate the submitted applications and will submit their recommendation to the HRADF Board, on the candidates who satisfy the criteria to participating in the next phase of the competition.

At the same time, though, the political debate over the PPA's fate is straining the coalition government. Both PASOK's leadership and the candidates for mayor of Piraeus are openly expressing views against the sale of a majority stake.

The counter-proposal filed based on the positions expressed by the PPC head and PASOK member G. Anomeritis provides for the retention of majority control for the State and the awarding of concessions by activity, of the port.

On the other hand, the biggest part of the government and the HRADF argue that the sale of shares ensures that investors will take charge and will have an incentive to develop in all port activities and not just individual sectors. Moreover, the strong majority stake is expected to boost competitive interest of the tendering process and to substantially improve the expected returns for the State.