Raising the stakes

COSCO Shipping has struck a deal with the Greek government to complete the purchase of an extra stake in Piraeus Port, taking its total stake to 67%.

COSCO Shipping previously bought a 51% holding in Piraeus Port Authority (PPA) for 280 million euros ($341 million) and committed to mandatory investments worth about 300 million euros over five years to acquire an additional 16% stake.

COSCO has signed contracts for the majority of these but will not be able to conclude them by August when the deadline expires due to delays beyond its control, a senior official at PPA told Reuters.

Last month, PPA released its half year financial results for 2021, reporting turnover increase by 8.3%.