AIA stake sale shelved

Kathimerini English - - Focus - VANGELIS MANDRAVELIS

The sell-off of a 30 per­cent stake in Athens In­ter­na­tional Air­port has been put on ice for the time be­ing, as au­thor­i­ties do not want to see the sale co­in­cide with the ex­ten­sion of AIA’s con­ces­sion con­tract.

The process, which state sell­off fund TAIPED had been plan­ning to launch in the com­ing weeks, has been put off un­til af­ter the com­ple­tion of the 20-year ex­ten­sion of AIA’s con­ces­sion con­tract with the air­port’s Cana­dian share­holder PSP In­vest­ments, which has dug deep to se­cure that deal.

The de­ci­sion was taken on Wed­nes­day at a meet­ing be­tween the min­is­ters of fi­nance, Eu­clid Tsakalo­tos, and in­fra­struc­ture, Chris­tos Spirtzis, as well as TAIPED rep­re­sen­ta­tives. It ap­pears to have been prompted by Brus­sels, which does not want the con­ces­sion ex­ten­sion and the sale of the 30 per­cent stake to be in any way as­so­ci­ated with each other or to ap­pear as fa­vor­ing PSP In­vest­ments, which owns a 40 per­cent stake in AIA, as it is pegged by TAIPED as the most promis­ing suitor for the next stake.

It also ap­pears un­likely that an­other suitor will ap­pear, as they would have to set­tle for be­ing a sec­ondary share­holder.

Euro­pean au­thor­i­ties also do not want the sale of the 30 per­cent stake to ap­pear as an amend­ment to the orig­i­nal con­ces­sion con­tract from 1996, which se­cures the con­ces­sion through 2026.

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