Piraeus, 25.11.2014
Press Release
The General Meeting of Shareholders of PPA SA was carried out, with as subject the approval of the Agreement for B’ Amendment to the Concession Contract PPA - PCT SA, after a short delay - due to blocking of the entry in the hall by the presidencies of the Authority union associations. The General Assembly took place as announced in the HQ of the company in an adjacent hall.
In the Assembly, which presented a quorum, shareholders were present, representing 82.62% of the company shareholders and had declared their participation in time.
Speaking to the Shareholders, the President and Managing Director of PPA SA Mr. Yiorgos Anomeritis described the agreement as “Business - Investment Concession Agreement”, which will generate significant revenue and earnings for PPA and which has no connection with the attempted sale of 67% shares of the Authority.
Introducing the basic parameters of the project and the necessary adjustments made because of the Court's decision, he noted among other that:
• The total investment amounts to € 230.000.000.
• There is an increase of the annual capacity of Piers II and III to 6.200.000 TEU (containers) from 3.700.000 TEU.
• The variable return remains stable at 24.5% on revenue of PCT, while expanding the standard exchanges I and II (rental area and along piers) and West Pier III.
• In place of the minimum guaranteed consideration after 2021, which is conditionally suspended, an offset of increased “guaranteed capacity” and “minimum guaranteed capacity” is established, of 4.750.000 TEU and 3.087.500 TEU respectively.
• The Net Present Value of the PCT concession increased from € 498 million to € 678 -1.073 million
• The new Pier Petroleum will be manufactured by PCT SA on behalf of the PPA, with favorable financial terms.
Note that the overall project will be built in the sea area and any active productive area is not to be granted, as happened in 2009, while there will be no impact on jobs and job status of PPA.
For the final adjustment of the terms of the Concession, the parameters of the Court's decision grounds have been met.
After approval by the General Assembly and the signing of the Agreement, the final text will be sent to the Ministry of Maritime Affairs and the Aegean in order for it to be promoted to Parliament for approval.
After the General Assembly, the President and Managing Director of PPA SA Mr. Yiorgos Anomeritis said: “It is a shame to prevent an open business process in an undemocratic manner by a small group of unionists, of which two representatives participate in the Board and who consistently can at the General Meetings speak freely exposing their views. And it is even more unfortunate, because it is in such a way that an investment of € 230 million is attempted to be prevented, of which all transparency procedures were followed for the past two years and which bears for PPA significant gains and for the national economy development prospects.”
