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Greece to open Thessaloniki port financial bids this week - sources
April 4, 2017 / 9:56 AM / 6 months ago

Greece to open Thessaloniki port financial bids this week - sources

View of the port of the northern city of Thessaloniki, Greece August 16, 2016. Picture taken August 16, 2016. REUTERS/Alexandros Avramidis

ATHENS (Reuters) - Greece will this week ask for improved financial bids from shortlisted investors seeking to buy a majority stake in its second-largest port, two officials said on Tuesday.

The sale of a 67 percent stake in Thessaloniki Port (OLTr.AT), which is required as part of Greece’s international bailout, began in 2014 but has been beset by delays. However, Athens invited shortlisted investors to submit binding bids last month and got three offers.

“The financial offers are expected to be opened near the end of the week,” one of the officials told Reuters.

Those on the shortlist include Philippines-based International Container Terminal Services (ICTS), Dubai-based P&O Steam Navigation Company (DP World) and German private equity firm Deutsche Invest Equity Partners which is bidding jointly with France’s Terminal Link SAS.

The bidders will be asked to improve the price offered and once this stage is concluded, Athens could name a winner by the middle of next month, the official added.

Thessaloniki Port has a market value of $214 million and had a throughput of 344,277 20-foot equivalent units (TEUs) in 2016.

The buyer will operate the port for 40 years and will have to spend 180 million euros ($192 million) by 2021 to upgrade it and raise the throughput to 550,000 ΤΕUs.

($1 = 0.9387 euros)

Reporting by Angeliki Koutantou; editing by Alexander Smith

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