ANNOUNCEMENT
Public disclosure of inside information according to Regulation (EU) 596/2014 and Implementing Regulation (EU) 2016/1055
23 October 2024. The Board of Directors of the company under the name "Piraeus Port Authority Société Anonyme" (hereinafter "PPA S.A.") announces that at its meeting of 16.10.2024 it has decided to provide a permission, in accordance with article 100 par. 1 of Law 4548/2018, for the conclusion of a transaction of PPA S.A. with the company under the name "PIRAEUS CONTAINER TERMINAL S.A." (hereinafter "PCT S.A."), which is a related party to PPA S.A. The above-mentioned companies are related parties within the meaning of article 99 of Law 4548/2018 after the acquisition of the majority stake in PPA S.A. by COSCO SHIPPING (Hong Kong) Limited on August 10, 2016 and therefore it is deemed necessary to grant a permission from the Board of Directors of PPA SA, for the signing of a contract between PPA SA and PCT SA, according to the specific provisions of articles 99-101 of Law 4548/2018.
The object of the transaction is an agreement for services provision with the aim of improving overall efficiency at the two container terminals of the above companies, which are the following:
- PCT SA will pay to PPA SA handling costs for unloading or loading transshipment containers which include tallymen services and lashing/unlashing of containers. The above prices also include the services of lashing/unlashing the containers. The mooring/unmooring services will be charged according to the PPA SA current tariff.
- The storage allowances for transshipment containers will be free for a period of 15 days and for IMDG dangerous goods a free period of 14 days. Beyond these days, a specific price list with valid prices provided for in the contract.
- Local containers unloaded at PPA's Terminal facilities and delivered to customers through external PPA gates will be billed directly to the customer (Shipper or Consignee) for cargo handling services, storage and other related charges in accordance with PPA and Load-Unload Tariff regulations-handling-storage and Provision of Container Loading-Unloading and Storage Projects Services, as applicable and available on the website http://www.olp.gr/el/regulations-and-tariffs.
For providing permission for the above transaction, the Board of Directors of PPA S.A. considered the fairness opinion of audit, tax and consulting services company AUDIT PLUS SA, as signed by the Chartered Accountant and Certified Auditor Gerasimos Zafeiratos with SOEL Registry Number 20901, which concludes that the conclusion of the Contract between PPA SA and PCT SA is a fair and reasonable transaction, both for PPA SA and for its shareholders who are not related parties, including minority shareholders, based on articles 99-101 of Law 4548/2018.
The PPA S.A. Board of Directors minutes dated 27.09.2024, accompanied by the fairness opinion, was registered in the General Business Registry (GEMI) on 27.09.2024, according to the announcement nr. 4479777 dated 02.10.2024 of the department for supervision of Listed Sociétés Anonymes of the General Secretariat for Commerce & Consumer Protection.
With the decision dated 16.10.2024 in accordance with article 101 par. 2 of Law 4548/2018, the Board of Directors of PPA SA announces that the ten-day deadline of article 100 par. 3 of the same Law for the exercise of the Company’s shareholders right to convene a General Assembly, regarding the conclusion of a contract between the Company and the related party PCT SA has been expired.
