The Hellenic Republic Asset Development Fund (HRADF), the Greek state privatisation authority, has granted the company set up by the consortium that received the concession of 67 percent of the Thessaloniki Port Authority, South Europe Gateway Thessaloniki Ltd (SEGT), a postponement until 26 March to complete the transfer.
The consortium DIEP GmBH-Terminal Link SAS-Belterra Investments Ltd, which was awarded a majority stake in the port, requested and received a one-week postponement.
The completion of the deal requires a 231.9 million euro payment, to be disbursed by businessman Ivan Savvidis, and, immediately thereafter, the appointment of a new board of directors.
While there have been reports in Thessaloniki that the amount to be paid by Savvidis derives from the recent sale of his flagship Donskoy Tabak Company to Japan Tobacco for the sum of US $1.6bn, in fact Japan Tobacco will be paying in the second quarter of 2018.
Should the port deal not be completed, the 20 million euro letter of guarantee, issued by a Russian bank, will be collected by the Greek state.
The consortium that set up SEGT is comprised of: the German fund Deutsche Invest Equity Partners GmBH (47%), Terminal Link SAS (33%) and Ivan Savvidis’ Belterra Investments LTD. The Greek state will retain a 7.22 percent stake.
The successful bidders have committed to investing 180mn euros in the port over the next seven years.
The main investment, the extension of Dock 6 to receive mainliners (New Panamax ships) will be completed within four years.
The total value of the 67 percent stake is 1,1bn euros.
The Greek state is expected to receive 170 mn euros in revenues from the concession.