Piraeus, 24.03.2015
Press Release
Informing its shareholders and the investors community about the decision of the Directorate General for Competition (State aid complaint CP / 202/2009) for certain terms of the Concession Agreement PPA-COSCO, PPA SA makes known the following:
1. The Concession Agreement between PPA and SEP (COSCO), which was ratified by the L.3755 / 2009, consists of two parts: (a) The text of the Agreement between PPA and COSCO, concerning the concession of Pier II and the construction of the Eastern Pier III of the Container Terminal, signed on 25.11.2008 and (b) Articles 2 and 3 of Law. 3755/09, which were added to the law by the Ministry of Finance.
2. The decision of the General / Directorate of Competition concerns exclusively Article 2 (financial and tax issues) and not Article 1, which is the conventional part of the Convention PPA / COSCO.
3. The Decision does not apply to any part of the recent expansion of the Concession Agreement through amicable settlement to the Western Pier III of the Container terminal ratified by Law no. 4315/14.
Under these circumstances, the decision does not affect economic relations PPA / SEP and therefore the results of the PPA S.A. It is solely a matter of SEP in relation with the Greek State and the European Commission.
