COSCO Shipping has increased its stake by 16% for the Piraeus Port Authority (PPA S.A.) after an exchange event for the Letter of Closing II Arrangements was agreed on 25 October.
The acquisition of the additional stake in the port authority raises COSCO’s stake to 67% and marks a milestone in China-Greece cooperation by allowing the Chinese company to facilitate the port’s further development by focusing on social justice, shared interest, mutual benefits and win-win results.
The Greek parliament approved the equity transfer of the port after assessing previous successful cooperation between the two countries.
In his speech, Captain Xu Lirong, Chairman of COSCO Shipping, pointed out that the official transfer of shares of the PPA cannot be realised without the unremitting efforts and grand vision of China and Greece. He continued by saying COSCO is grateful to the governments and relevant ministries and commissions of both countries for their support and assistance for the smooth transfer of shares.
COSCO’s next step aims to further expand its investment, increase its input of resources, and fully implement the cooperation agreement in accordance with the port’s “master plan”.
Mr Yannis Plakiotakis, Greek Minister of Maritime Affairs and Insular Policy, added that COSCO’s investment in PPA is crucial to the local development, the Greek national economy, and the strategic position of Greece.
Plakiotakis concluded by saying he hoped that the port management and all parties concerned will work together to speed up the completion of the investment plan and create a new era of port development to in turn benefit the local area of Attica and Greece.
COSCO has also recently undertaken a strategic investment to receive a 35% minority share in the Hamburger Hafen Und Logistik (HHLA) Container Terminal Tollerort (CTT). Announced in September 2021, it was revealed that after undergoing negotiations with HHLA, with this agreement, CTT will now become the “preferred hub” for COSCO services ad will be where cargo flows will be concentrated.
