Grimaldi – Minoan Lines – EKEV Acquire Majority Stake in Igoumenitsa Port Authority

(L-R) Secretary General of Ports Port Policy and Maritime Investments Evangelos Kyriazopoulos; Shipping Minister Ioannis Plakiotakis; HRADF CEO Dimitris Politis; President and Managing Director of Grimaldi Euromed SpA Emanuele Grimaldi, and Minoan Lines CEO Loukas Sigalas. Photo source: HRADF.

Greece’s public assets body – the Hellenic Republic Asset Development Fund (HRADF) – proceeded on Tuesday with the privatization of the Igoumenitsa Port Authority (IPA) finalizing the agreement for its sale.

More specifically, Grimaldi Euromed SpA, Minoan Lines SA and Investment Construction Commercial and Industrial SA (EKEV SA) acquired a majority stake of 67 percent in the share capital of the Igoumenitsa Port Authority for a total price of 84.17 million euros.

Attending the signing ceremony were Shipping Minister Ioannis Plakiotakis, Finance Minister Christos Staikouras, Secretary General of Ports Port Policy and Maritime Investments Evangelos Kyriazopoulos, HRADF CEO Dimitris Politis, President and Managing Director of Grimaldi Euromed SpA Emanuele Grimaldi, and Minoan Lines CEO Loukas Sigalas, among others.

HRADF CEO Dimitris Politis and President and Managing Director of the Igoumenitsa Port Holding Company S.A., Paul Kyprianou. Photo source: HRADF.

The finalization of the share purchase agreement followed the Court of Auditors approval. Greek Parliament is set to ratify the concession deal between the Greek state and IPA SA in the coming weeks.

“I hope that today’s agreement will contribute to the full realization of the potential and competitive position of the Port of Igoumenitsa for the benefit of the local community and the Greek economy as a whole,” said Staikouras.

“This agreement confirms the effectiveness of the government’s strategic planning for the development of the country’s ports and proves in practice the confidence of significant investment schemes in the prospects of the country,” he added. Staikouras went on to refer to the significant financial returns expected from the port upgrade.

Igoumenitsa port. Photo source: Igoumenitsa Port Authority.

On his part, Plakiotakis said the deal marked another important milestone in the implementation of the government’s strategic plan for the development of the country’s ports “to the benefit of the Greek economy and local communities… strengthening the economic footprint of the port, creating new jobs, increasing commercial and passenger traffic and contributing to the economy of Igoumenitsa and the wider region”.

The agreement, said Politis, marks the beginning of a new era for the IPA. “The development of the port with the participation of an international investment scheme with extensive experience in the operation and management of port terminals will contribute to the stimulation of economic activity in the wider region and to the establishment of Igoumenitsa as a key transport and communication hub in Southern and Central Europe”.

Igoumenitsa and its port. Photo source: Igoumenitsa Port Authority.

“Our investments will facilitate the growth of the port and, at the same time, the development of key European trade routes, of which Igoumenitsa represents the main gateway,” said Grimaldi, adding that the upgrade of services offered will result in more tourism, stronger trade flows, increased business activity and more jobs.

“We confirm our usual commitment to providing frequent and efficient liner services dedicated to the transport of freight and passengers between Igoumenitsa and Italy’s Adriatic coast, which are essential for traffic between Greece, Italy, Turkey and the entire Balkan peninsula,” he added.

Igoumenitsa is the main port of Thesprotia and the Epirus region in northern Greece. One of the largest passenger ports in the country, it connects mainland Greece with the Ionian islands and Italy.