China's State-owned shipping giant, China COSCO Shipping Corp (COSCO SHIPPING) and the Hellenic Republic Asset -Development Fund on -Wednesday signed a memorandum of understanding on the transfer of a majority stake in Piraeus Port Authority (PPA) in Athens.
This represents the formal completion of the transfer of a 51 percent equity holding in the PPA and the custody of an additional 16 percent stake, Shanghai-based COSCO SHIPPING said in a press release sent to the Global Times on Wednesday.
Under the agreement, -COSCO (Hong Kong) Group, wholly owned by COSCO SHIPPING, officially became the controlling shareholder of the PPA and took over its management and operation, said the press release.
It is the first overseas acquisition transaction signed by COSCO SHIPPING following its establishment in February 2016, a landmark initiative for the company to expand its global network.
According to the new concession contract, COSCO SHIPPING will invest 293.8 million euros ($327.4 million) in a series of mandatory projects in the next five to seven years, including the expansion of the cruise port, noted the company.
The company said it owns over 46 container terminals all over the world.
