HRADF held an open international tender for the sale of the shares of ThPA SA, launched by virtue of the Call for Expressions of Interest dated 14.04.2014, which was successfully completed on 24.04.2017 with the award to Deutsche Invest Equity Partners GmbH, Belterra Investments LTD and Terminal Link SAS as highest bidder. The Court of Audit issued its approval on 10.07.2017, while the signing of the share purchase agreement and shareholders agreement between HRADF & the buyer, “South Europe Gateway Thessaloniki (SEGT) Limited”, took place on 21.12.2017.
After the approval by the Competition Commission on 24.01.2018, the Share Purchase Agreement of ThPA SA was ratified by the Hellenic Parliament on 22.02.2018 & the transfer took place on 23.03.2018. Based on the concession agreement signed on 2 February 2018 between ThPA S.A. and the Greek State, the obligation arises for investments in infrastructure projects and equipment amounting to €180 million. The Greek State concludes the Concession for an annual consideration of 3.5% of the consolidated revenues.
Given the latest data and due to the increase in the cost of money, it is estimated that the investment for the extension of the 6th pier of the Port of Thessaloniki will reach €160 million, i.e. approaching the total mandatory investments of the private major shareholder, which is €180 million, bringing it, according to forecasts, to more than €220 million. This project constitutes the major part of the Mandatory Investments undertaken by the Company under the Concession Agreement with the Greek State.
The tender was relaunched and the 1st stage for the expression of interest was 22 December 2023. The announcement of the results of the 1st stage and the appointment of a temporary contractor are expected during the 1st quarter of 2024. The project includes a clause for subcontracting of up to 40%, with an indicative implementation deadline of 36 months. The investment in the expansion of Pier 6 substantially upgrades the role of the Port of Thessaloniki, enabling direct service of main line container ships of up to 24,000 TEU, increasing its capacity and leading to a similar increase in its commercial activity.
Based on a Deloitte study, over its three-year implementation period, the Pier 6 expansion project will generate estimated annual revenues of over €230 million for the port ecosystem, boost public revenues from direct and indirect taxes by €35 million a year, generate added value exceeding €90 million annually, and directly and indirectly support the creation of more than 3,300 jobs. Moreover, during its full 10-year operation, Pier 6 is expected to generate annual revenues of €272 million along the entire port supply chain, support the State’s revenues with more than €55 million annually, create added value exceeding €177 million annually, and directly or indirectly support the creation of more than 4,000 jobs.
