Piraeus, 12/08/2016
Notification of significant change of voting rights
Piraeus Port Authority S.A. (hereinafter referred to as PPA) pursuant to the provisions of the Law 3556/2007, announces the notification received from China COSCO Shipping Corporation Limited (hereinafter referred to as COSCO Shipping Group), as following:
- Corporate name of person subject to the notification obligation: COSCO Shipping Group.
- Corporate name of shareholder: COSCO (Hong Kong) Group Limited (hereinafter referred to as COSCO Hong Kong).
Following the execution of an over the counter transaction made on August 10th, 2016, the percentage of COSCO Hong Kong voting rights in PPA directly held by COSCO Hong Kong has increased to 51%.
COSCO Hong Kong is 100% held by China Ocean Shipping (Group) Company, which is 100% held by COSCO Shipping Group, a Chinese state-owned company. As a result, COSCO Shipping Group, by indirectly holding 100% of COSCO Hong Kong, indirectly holds 51% of the voting rights in PPA.
It is also noted that after a period of five years, should COSCO Hong Kong fulfill certain conditions set out in the Share Purchase Agreement for the Sale and Purchase of 16,750,000 Shares in Piraeus Port Authority S.A. (SPA) signed with Hellenic Republic Asset Development Fund S.A (hereinafter referred to as HRADF), including the successful completion of a mandatory investment up to €293,783,800 into PPA, COSCO Hong Kong will further increase its PPA stake to 67% by receiving additional 16% shares from HRADF.
The present notification is also accessible in the Company's website address www.olp.gr
