The Board of Directors of PPA SA approved the new revised draft text of Second Modification

Piraeus, 24.11.2014

Press Release

The Board of Directors of PPA SA approved the new revised, following the judgment of the Court of Auditors, draft text of Second Modification by amicable settlement for the construction of the Western Pier III etc., of total investment 230 million Euros, after a substantiated recommendation of the Chairman and Managing Director Mr. George Anomeritis, minority of workers' representatives.

The new revised text will be put into the Adjourned Extraordinary General Meeting of shareholders, which shall meet again tomorrow, November 25, at 12.00, so it is expected to be approved. The final text as a draft law will be sent from the Ministry of Shipping Affairs and the Aegean in the Parliament, after the ratification of which and its publication in the Government Gazette will take effect.

The construction project of West Pier III, of the PPA SA Pier Petroleum and of the machinery modernization of Piers II and III should be completed no later than 2021, when the capacity of the container terminal of the port of Piraeus, in which operate as administrators the PCT SA and PPA SA expected to exceed 7.200.000 TEU (containers).