Cosco among suitors to bid on majority stake in Greek port

Cosco Group and five other investors have expressed interest in a majority stake in Piraeus port, the largest in the country, Greece's privatisation agency HRADF said.

Cosco's initial interest for a 67 per cent stake in the port is further highlighting Chinese investors' appetite for Greek assets as the state sells off parts of its businesses to go some way to balance the bailed-out country's books.

Greece last month picked a Chinese-backed bid to develop a prime seaside property at the former Athens airport Hellenikon.

Cosco's subsidiary, Cosco Pacific, the world's fifth-largest container terminal operator, sealed a deal with Greece five years ago to run and upgrade two of the state-owned Piraeus port's piers for 35 years, aiming to turn the port into a regional hub.

Last year, it agreed to invest an extra €230 million (HK$2.5 billion) to boost the port's handling capacity over seven years and in return, it would stop paying fees to the port.

HRADF said the largest US terminal operator Ports America, Dutch container terminal operator APM Terminals, private equity firm Cartesian Capital Group, Philippines-based International Container Terminal Services and close-ended investment company Utilico Emerging Markets had also submitted non-binding bids for the port.