The Hellenic Republic Asset Development Fund (HRADF), a member company of GROWTHFUND – The National Fund of Greece, announced the signing of the share purchase agreement for the acquisition of a 67% stake in the share capital of Heraklion Port Authority (HPA S.A.) between the Fund and the consortium consisting of the companies “Grimaldi Euromed S.p.A.” and “Minoan Lines S.A.”, for a total fee of 80 million euros.
The signing ceremony was attended among others by the Minister of Finance, Kostis Hatzidakis, the Minister of Shipping and Insular Policy, Christos Stylianides, the Minister of Rural Development and Food, Lefteris Avgenakis, the President and CEO of Grimaldi Euromed S.p.A., Emanuele Grimaldi, and the CEO of Minoan Lines, Loukas Sigalas.
The signature of the share purchase agreement takes place after the approval of the Court of Auditors, while the ratification of the revised concession agreement by the Hellenic Parliament between the Greek State and HPA S.A. will take place in the near future.
The signing of the agreement marks the beginning of the transition of the port of Heraklion to a new course of development. HPA S.A. acquires a strong shareholder and HRADF, which retains 33% of the share capital of the Authority, a strategic partner. The shareholders’ agreement between HRADF and the investor will secure the Fund’s position as a minority shareholder and as a body safeguarding the interests of the State. HRADF, in its capacity as Port Planning Authority, will continue to assist the investor at all stages of the approval process of its masterplan. The development of the port of Heraklion by HRADF is part of the broader development plan of the government for the upgrading of the infrastructure of Crete, along with the construction of the Northern Road Axis of Crete and the New International Airport of Heraklion.
The port of Heraklion is the first in the country to receive external verification by TUV AUSTRIA for its ESG performance, using the “ESG RATING TOOL” developed by HRADF.
