PPA and COSCO mark a new era at Athens Stock Exchange

Company Profiles, Events, Markets, Mergers and Acquisitions, News, Ports & Terminals, Stock Markets — By on August 12, 2016 at 9:29 AM
Prime time for ASE with PPA and COSCO on 10 August 2016

Prime time for ASE with PPA and COSCO on 10 August 2016

Opening of the trading session of Wednesday, 10th August 2016,

Reception of PPA, COSCO and HRADF

Transfer of PPA shares

The Athens Stock Exchange welcomed COSCO (China COSCO Shipping Corporation Ltd) as well as HRADF(Hellenic Republic Asset Development Fund) on the occasion of the transfer of shares of PPA (Piraeus Port Authority SA), at the opening ceremony of the trading session of the Stock Exchange, on Wednesday, 10th August, 2016.

Mr. Wan Min, Director of the Board, President of China COSCO Shipping Corp. Ltd. and Mr. Stergios Pitsiorlas,President of HRADF, declared the opening of the session of the Athens Stock Exchange.

At today’s event, the President of the Athens Stock Exchange Group, Mr. Iakovos Georganas, said: “We are delighted to welcome today at the Athens Stock Exchange, the new shareholders of Piraeus Port Authority SA, in the person of President Wan Min and his associates. Their investment today, as well as their ambitious expansion plan for the future, is an eloquent expression of their confidence in the prospects of the Greek economy.

On the side of the sellers, in the person of Mr Stergios Pitsiorlas, who heads the Hellenic Republic Asset Development Fund, we salute the decisiveness of the Greek government to proceed and implement the agreed program of the Greek economy, after its long years of crisis, and to sound economic growth in the months immediately coming.

May I wish that this session of celebration at the Athens Stock Exchange today rings in the restart of the effort to achieve solid economic growth in Greece. I wish also for the success of this new great investment program and the further expansion of friendship and cooperation of our two countries.”

From Athens Stock Exchange prime time in shipping

From Athens Stock Exchange prime time in shipping

Mr. Wan Min, Director of the Board, President of China COSCO Shipping Corp. Ltd. during the opening ceremony of the session of the Athens Stock Exchange, said: “I was delighted and honored to represent COSCO SHIPPING and ring the opening bell at the Athens Stock Exchange. It marked the beginning of COSCO Hong Kong, a subsidiary of COSCO SHIPPING, undertaking the role as controlling shareholder of the Piraeus Port Authority. It is the Group’s first cross-border acquisition following its establishment and a landmark initiative as we look to expand our global network. The Piraeus project represents a key milestone in the “Belt and Road” initiative, and the port’s growth and prosperity will boost economic development both in China and Greece, ushering in a new era of trade cooperation and cultural exchange between east and west. COSCO SHIPPING will embark on a new series of operational investments that will streamline the port’s performance as well as improve its international position, and will help the PPA reach its full potential to become one of the leading ports in Europe. COSCO SHIPPING will not only operate a state-of-the-art port that will boost trading links between Asia and Europe, but will also help create jobs and invigorate the Greek economy.”

Mr. Stergios Pitsiorlas, President of HRADF, on the occasion of today’s event, said: “The completion of the concession of the management of PPA to COSCO is a development of huge importance. The Greek economy will directly benefit from the large investments, the development of the port and the creation of jobs at this very critical moment.

But the significance of today’s development is not confined to the obvious economic benefits. What must be realized is the fact that this creates the conditions for upgrading the geopolitical role and the importance of Greece to the international economic developments.

If Greece manages to take advantage of these opportunities and to incorporate them in a broader strategy, the synergy with COSCO in Piraeus can truly be the starting point of a promising path”.

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