Privatization fund announces preferred investor for sub-concession of a terminal within Kavala port authority

Greece’s privatization fund, the Hellenic Republic Asset Development Fund (HRADF), on Friday declared the consortium “International Port Investments Kavala” as the preferred bidder for a sub-concession foreseeing the right to use, maintain, operate and exploit a terminal within the current Kavala Port Authority (OLK).

The sub-concessioner “International Port Investments Kavala” consortium is comprised of the companies Black Summit Financial Group, EFA Group and GEK TERNA.

The financial consideration for the sub-concession is approximately 33.9 million euros in terms of nominal value. During the sub-concession, the investor will be required to implement an investment plan of 36 million euros, including heavy maintenance costs at the northern Greece port.

Mandatory investments include an obligation by the investor to construct buildings serving the needs of the port authority, the navigation service, as well as a custom station, in accordance with the proposal for the pre-study of buildings housing services of the relevant Greek shipping ministry and the Independent Authority of Public Revenues (ΑΑDΕ), respectively and the specifications of the sub-concession contract.

A file relating to the tender process will be submitted to the Court of Audit for a customary pre-contractual audit, whereas the sub-concession agreement will be signed following the latter’s approval.