OLP stake sale from next week

Kathimerini English - - Front Page -

indi­ca­tions, the sale of the Pi­raeus Port Au­thor­ity (OLP) is set to be­gin next week, with the gov­ern­ment and state pri­va­ti­za­tion fund TAIPED aim­ing to sell a 67 per­cent stake in the coun­try’s big­gest port. Based on the cur­rent mar­ket price of OLP stock, the stake should fetch at least 320 mil­lion eu­ros, but the price could be con­sid­er­ably higher given that TAIPED holds the ma­jor­ity stake that would jus­tify a pre­mium on the cur­rent level of the stock’s trad­ing value. The process will start as soon as the pri­va­ti­za­tion plan has been dis­cussed in Par­lia­ment. Next week TAIPED will in­form deputies about the text of the in­vi­ta­tion for ex­pres­sions of in­ter­est. The fund prefers the model of the di­rect sale of the OLP shares, with the Euro­pean Com­mis­sion said to be in agree­ment fol­low­ing the for­ward­ing of the plan to Brus­sels. Mar­ket sources claim that the process will start with the deal be­tween OLP and Chi­nese com­pany Cosco on the ex­ten­sion of Dock III stay­ing frozen.

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