Greece postpones port sale after Russia's Promsvyazbank bailout

Greece postpones port sale after Russia's Promsvyazbank bailout
(Adds details)

ATHENS, Dec 15 (Reuters) - Greece has had to postpone the signing of a deal to sell a majority stake in its second-biggest port after the Russian guarantor bank, Promsvyazbank, was placed under temporary administration.

A German-led consortium was due to sign the deal on Friday to buy a 67 percent stake in Thessaloniki Port.

The signing was postponed to Dec. 21 "for reasons of force majeure involving the Promsvyazbank Bank, namely the issuer of the transaction's letter of guarantee," Greece's privatisations agency HRADF said in a statement.

The agency said the postponement was "unexpectedly and unpredictably imposed, due to a decision by the Central Bank of Russia to put the above bank under temporary administration."

Promsvyazbank, one of Russia's biggest private lenders, was placed under temporary administration as part of a bailout plan.

Greece has named Deutsche Invest and its partners, France's Terminal Link SAS and Cyprus-based Belterra Investments, as the winner of a tender for a 67 percent stake in the port.

The consortium has offered 231.9 million euros ($273.25 million) to take it over.

The sale of Thessaloniki port is part of a privatisation scheme Greece has agreed under its latest bailout with its euro zone and International Monetary Fund lenders. (Reporting by Karolina Tagaris. Editing by Jane Merriman)

2017-12-15 17:39:34

© 2017 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.
Most read today
Most read yesterday
Send e-mail to for any enquiries or see Contact Details for phone numbers
Home   •   Terms & conditions   •   PAIA   •   Privacy Policy   •   Security Notice   •   Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.
© 2017 SHARENET (PTY) Ltd, Cape Town, South Africa