Decision 3377/2014 the 6th Section of the Court of Auditors delivered its judgment

Piraeus, 13.10.2014


 Piraeus Port Authority SA announces that with the Decision 3377/2014 the 6th Section of   the Court of Auditors delivered its judgment on the application for revocation of the Act 191/2014 of the 7th Department of the Court of Auditors whereby 'Concludes that it is not prevented the signing of the second amending agreement draft between the PPA S.A. and PCT S.A., based on the reasoning'.

As informed the BoD of the Chairman and / CEO of PPA S.A. Mr. Yiorgos Anomeritis, next Monday, October 20, 2014 will reconvene extraordinary the BoD with sole issue to convene an Extraordinary General Meeting of Shareholders on Tuesday November 11, in order to approve the conventional version of the project "Amicable Settlement between PPA S.A. and PCT S.A. for the construction of the Western Pier Container Terminal III ". In this project, of total investment € 230.000.000  is included the construction on behalf of the PPA S.A.of the new Oil Pier, and mechanical upgrade of  Piers II and III, after the construction of Pier III and upgrade of Piers II and III.

The annual capacity of the PCT S.A. will rise after the construction works at 6.200.000 TEU, which together with the Container Terminal of PPA (Pier I) of 1.000.000 TEU capacity make the port of Piraeus, one of the largest container ports in the Mediterranean and Europe. It is noted that the capacity of the P.C.T. container terminal increased from 3.700.000 TEU to 6.200.000 TEU with no change in the consideration rate to the PPA (24.5% of P.C.T. revenue from 2017).