Amicable Settlement Agreement PPA - SEP

Piraeus, 24.07.2014





The Board of PPA SA approved the business project through Amicable Settlement Agreement PPA - SEP and decided to send it to the Court of Auditors for the pre-contractual control.

As is known, the two sides have decided to build the West Pier C Container Terminal and upgrading of machinery of total cost 230 million Euros, which will invest entirely the PCT SA.

The PPA S.A., which paid for the concession in proportion to the consolidated financial results of PCT SA (Currently 21.5% and 24.5% in 2017) is expected to nearly double annual revenue, due to the increased volume of containers (TEU) from 3.7 million TEU to at least 6.2 million TEU plus other Logistics services.

As the Chairman and Managing Director of PPA SA Mr. Yiorgos Anomeritis stated: "For the Company, the Amicable Settlement II of the Concession Agreement is a profitable business, within the policy of concessions of port services, as is to all ports in the world. All the more that the conceded area is sea and not an operating pier. The Board of PPA SA from the beginning chosen and incorporated in this Agreement, the maximum transparency of the process: a) to be sent the Draft Agreement to EU, b) be sent to the Court, c) be approved by the General Assembly and d) voted in the Parliament.”

After discussing this subject, came to the meeting of the Board the Minister of Shipping and Aegean and Mr. Miltiadis Varvitsiotis, who expressed his satisfaction for the promotion of the Board of PPA S.A. such a substantial investment of 230 million Euros.