The Hellenic Republic Asset Development Fund (HRADF) has announced that two investment groups submitted Expression of Interest for the purchase of 100% stake of EESSTY (ROSCO) S.A.

The interested investment groups are:

• Ferrovie dello Stato Italiane S.p.A.
• ŠKODA TRANSPORTATION a.s.

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

HRADF’s advisors will evaluate, per terms and criteria stipulated in the Process Letter, the above Expressions of Interest and submit to HRADF’s Board of Directors their recommendation as to which candidates qualify for the next phase, which includes the access to detailed information about the asset (virtual data room) and the terms of the transaction.

The deadline for the submission of binding offers is set for December 5, 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 HRADF.

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.