Of­fer of par­tial TrainOSE sale fails to im­press

Kathimerini English - - Business & Finance -

The gov­ern­ment is con­sid­er­ing up­ping the stake to be sold in TrainOSE to more than the orig­i­nally planned 49 per­cent, af­ter re­ceiv­ing a luke­warm re­sponse to the palnned sale from po­ten­tial in­vestors.

De­spite the fact that the law re­gard­ing the pri­va­ti­za­tion of TrainOSE al­lows for the sale of up to 100 per­cent of the loss-mak­ing or­ga­ni­za­tion, Trans­port Min­istry of­fi­cials had said that just 49 per­cent would be sold by the state.

This ap­pears to have changed. Not only has the gov­ern­ment yet to ap­point an ad­viser for the sale but ini­tial in­ter­est from in­vestors is al­most nonex­is­tent, ac­cord­ing to gov­ern­ment of­fi­cials who now say that up to 100 per­cent of the com­pany may go un­der the ham­mer.

Up un­til now, Euro­pean com­pa­nies that have shown an in­ter­est in TrainOSE ar­gue that a mi­nor­ity stake makes the deal unattrac­tive, rais­ing con­cerns about the rel­a­tive cost-ben­e­fit anal­y­sis.

ALEXANDRA KASSIMI

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