Hellenic Seaways Up for Grabs, Let the Bidding Begin
A 40.4 percent stake in ferry services provider Hellenic Seaways (HSW) is up for sale after Piraeus Bank launched an open international tender for the company this week.
The process will be conducted by Piraeus Bank’s financial advisor Lazard, said to have already invited potential investors – from shipping and capital investment – to participate in the process. Market insiders estimate that the sale will be completed by next month.
According to financial daily Naftemporiki, the sale isexpected to accrue approximately 90 million euros.
Holding a 48 percent stake in HSW, Minoan Lines – through its mother company, the Napoli-based Grimaldi Group, has already expressed interest as part of its strategic plan to expand services to new routes.
Besides Piraeus Bank’s 40.4 percent share, Piraeus-based shipping company ANEK owns 2.6 percent, Vardinogiannis’ ETANAP holds 1.05 percent and 8 percent belongs to small shareholders.
After a five-year loss-making period, HSW posted gains in 2015 with a net profit of 3.9 million euros.
Founded in 2005, Hellenic Seaways is partly owned by Minoan Lines, operating passenger and freight ferry services in the Aegean and Adriatic Seas.