The Greek Court of Audit, Greece’s supreme administrative court, approved the sale of the majority stake of 67 percent in Piraeus Port Authority (PPA) to China’s COSCO, Greek national news agency AMNA reported, citing credible judicial sources.
Sources close to the Hellenic Republic Asset Development Fund (HRADF) confirmed to Xinhua the development.
On February 17 Greece’s privatization fund had declared COSCO Preferred Investor for the sale of the controlling stake in Greece’s largest port for 368.5 million euros.
Under the concession deal which expires in 2052, COSCO will invest an extra 350 million euros over the next decade in infrastructure works at Piraeus.
Following the “green light” from the Audit Court, the agreement requires ratification from the Competitiveness Committee before the sale contract is signed and forwarded to the Greek parliament, AMNA noted.
