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Greece modifies terms of tender for privatization of Thessaloniki port

Xinhua, September 4, 2015 Adjust font size:

Greece's privatization agency HRADF announced on Thursday that it will proceed to "minor amendments" to the terms of the tender for the privatization of the Thessaloniki port in northern Greece.

HRADF's board of directors decided that in a first stage a 51 percent stake of the port will be sold to the highest bidder and in a second stage another 16 percent will be transferred in five years after the completion of the agreed investments.

Under the initial planning a 67 percent stake would be sold outrightly.

According to the HRADF announcement investors who have qualified in the second phase of the tender will be formally notified on the modification of the conditions and binding offers are expected in February 2016.

The press release came as Greece heads to early general elections on Sept. 20 and both Greek officials and foreign analysts warn of the possibility of further delays in the overall privatization program in case of prolonged political uncertainty.

The debt-laden country launched its 50-billion-euro worth privatization program in 2010 after signing the first bailout agreement with international creditors, but so far has missed timetables and revenues goals. Endit