China COSCO Shipping Corporation Limited, China's state-run shipping giant, entered into a deal with Greece's privatization fund HRADF on Friday to take over a 67-percent stake in the European nation's main port of Piraeus.
An agreement between Greece's privatization fund HRADF and China COSCO Shipping Corporation for the sale of the majority stake in Piraeus Port Authority (PPA) was signed on Friday in Athens. The agreement has been hailed by both Greece and China as creating a win-win situation for all parties.
The Chinese-managed part of Piraeus port continues to grow at an impressive, rapid pace under COSCO's subsidiary Piraeus Port Terminal (PCT) management in recent years as a new milestone nears, according to the latest data presented to a group of visitors at Greece's largest port on Friday.
Chinese COSCO Group's improved bid for the acquisition of Piraeus port, the largest port in Greece, was accepted on Wednesday by the Greek privatization fund, according to an official press statement.
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