Trading of shares in Piraeus Port Authority halted as privatisation draws nearer
Trading of shares in Piraeus Port Authority has been suspended on the Athens stock exchange, just before Greece’s privatisation agency unseals investors’ bids for a 51% stake in the authority.
China’s Cosco Pacific is thought to be the only company to have submitted a bid for the 51% stake in Piraeus Port Authority. No other bids were submitted before the December 21 deadline, reports say.
“Following a request by the securities regulator, a temporary trading suspension on shares of Piraeus Port Authority is in place until the company informs the investment public on the board meeting of [privatization agency] HDRAF regarding the opening of financial offers,” the Athens bourse said today in a circular.
The bids 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.
