representing COSCO Shipping and HRADF respectively, signed the Memorandum of Understanding on the Transfer of a Majority Stake in Piraeus Port Authority in Athens at 9:00am, which sets a sign of the formal completion on the transfer of a 51\% equity holding in the Piraeus Port Authority (PPA) and the custody of an additional 16\% stake, thus COSCO (Hong Kong) Group Limited wholly owned by COSCO SHIPPING officially became the controlling shareholder of the PPA, and took over its management and operation.
Soon after, invited by Chairman Mr. Iakovos Georganas and Chief Executive Officer Mr. Socrates Lazaridis of Athens Exchange Group and accompanied by Stergios Pitsiorlas Chairman of HRADF, Mr. WAN MIN Director of the Board, President of COSCO Shipping went to the Athens Stock Exchange and rang the bell, which marked the debut of a new era at the Port of the Piraeus. Gao Wenqi, Charge d'Affaires a.i. of Chinese Embassy in the Hellenic Republic, Charalampos Gotsis, Chairman of the Hellenic Capital Market Commission (HCMC) and people concerned attended the ceremony event.
It is the first overseas acquisition transaction signed by COSCO SHIPPING following its establishment, a landmark initiative for the Group to expand its global network. According to the new concession contract, COSCO SHIPPING will invest 293.8 million Euros in a series of mandatory projects in the next five to seven years, including the expansion of the cruise port, the upgrading of the ship-building zone, and the construction of a multi-storied garage in the Ro-Ro vessel port. In the future, the Group will step up its investment to develop the Piraeus Port into one of the largest container transit ports in Europe and one of the biggest home ports for cruise operators in the world. COSCO SHIPPING will invest in a 300,000DWT dock and improve supporting facilities, so as to boost the ship repairing capacity and seek opportunities for repairing offshore equipment. The Group will also reform the Ro-Ro vessel port, which will make the Port the largest auto terminal in the Mediterranean. Furthermore, the Group will accelerate the construction of China-Europe Land-Sea Express Line to close the gap between China and eastern and southern Europe. The Group will leverage on the construction of logistics and warehousing, respond to the Belt & Road initiative and further expand the advantage of the Port as a bridgehead of sea-land intermodal to forge it into the logistics distribution center in the Mediterranean, as well as the south gate to Central and Eastern Europe and the Balkans. These investments will hopefully create more job opportunities and a better development platform for Greek younger generation.
