Six investors have submitted non-binding bids in the tender process for the sale of a 67% stake of Piraeus Port Authority S.A. (OLP), the company that provides port services at the port of Piraeus, Greece.
Morgan Stanley, Piraeus Bank, Marnet S.A., HPC Hamburg Port Consulting GmbH, Freshfields Bruckhaus Deringer LLP, Alexiou-Kosmopoulos Law Firm are acting as advisers to the fund in connection to the process and the transaction.
This Hellenic Republic Asset Development Fund's advisors will evaluate the expressions of interest and submit to HRADF's Board of Directors their recommendation as to which candidates qualify for the next phase of the tender.
Binding offers for OLP are expected by end of the year. The following investment groups have expressed their interest for the sale:
Piraeus is one of the busiest passenger ports in Europe, according to OLP data, and one of the top cargo ports in the Mediterranean. Cargo traffic rose 15% to 3.1 million twenty-foot equivalent units in 2013.
OLP was founded in 1930. It offers ships' anchoring, cargo handling, loading and unloading, goods storage, and car stevedoring services, as well as harbor to ships. It is also involved in the development of combined transportation operations, provision of services related to combined transportation, and organization, development, management, and marketing of ship repair.
Greece is aiming for privatization revenues of €1.5 billion in 2014 by selling the 67% stake in OLP and privatizing its railway operator TRAINOSE, rolling stock company ROSCO and some regional airports, among other assets.