China’s Cosco Pacific is the only company to have submitted a bid for the 51% stake in Piraeus Port Authority, reports say.

No other bids were submitted before Monday’s deadline, Kathimerini reports. The tender includes the option to purchase up to a 66% stake in five years’ time if the bidder invests 350m Euros in the port.

Greece’s state privatisation fund TAIPED stated details of the interested buyers will only be released when the binding bids are opened on January 12.

Cosco’s bid will reportedly be opened alongside appraisal figures from independent experts Cantor and American Appraisal Hellas, which were commissioned by TAIPED.

Cosco’s offer will be accepted if its bid price exceeds the level of both appraisals. If the figure is between them, TAIPED will ask Cosco for an improved offer; if it is below, the bid will be rejected.

APM Terminals and International Container Terminal Services (ICTSI) were previously reported to be interested in bidding for the stake. In May, Cosco was said to be in “very advanced” discussions with the Greek government to acquired a majority holding in the port authority.