Deadline extension for the submission of Expression of Interest for the sale of ROSCO

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Deadline extension for the submission of Expression of Interest for the sale of ROSCO

The Board of Directors of the Hellenic Republic Asset Development Fund (HRADF) resolved to extend the deadline for the submission of Expression of Interest for the sale of 100% of the Hellenic Company for rolling Stock Maintenance S.A. (ROSCO) following relevant request by interested investor.

The new date set for the Expression of Interest is October 17th, 2016.

ROSCO provides maintenance, repair and reconstruction services in respect of rolling stock for railways and other track-based systems. ROSCO is currently the sole provider of rolling stock maintenance services in Greece.

Greece decided to proceed with the privatization of ROSCO through the sale of shares representing 100% of the company's share capital. Moreover, by means of the same decision, shares representing 100% of the Company's share capital were transferred to the Hellenic Republic Asset Development Fund S.A. (HRADF), a company established by the State to undertake the implementation of the Privatisation Programme.

In 2013, HRADF tried to privatize ROSCO through a competitive tender process which was fruitless. In July 2016, it decided to re-launch the privatization process, seeking qualified firms to submit their proposals.

Investment Bank of Greece, Kantor Management Consultants, Louis Berger, Hogan Lovells International LLP and M. & P. Bernitsas Law Offices are acting as advisers to HRADF in the transaction.

You can read the Process Letter for the privatisation here.

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