apr 8, 2016 - COSCO acquires 67 percent stake in Pier I.
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ATHENS, April 8 (Xinhua) -- 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.
Under the deal, the Chinese investors will pay 280.5 million euros to HRADF for the initial acquisition of a 51 percent stake, while it will pay another 88 million euros within five years for the remaining 16 percent, provided it has implemented the agreed investments in the port.
The agreement was signed by HRADF chief Stergios Pitsiorlas and COSCO Hong Kong CFO Feng Jinhua in the presence of Greek Prime Minister Alexis Tsipras, China COSCO Shipping Chairman Xu Lirong and Chinese Ambassador to Greece Zou Xiaoli at the office of Greek Prime Minister.
Welcoming Xu at his office, Tsipras said the agreement signing will "cut the 'Silk Road' shorter."
http://news.xinhuanet.com/english/2016-04/09/c_135262464.htm
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