The transfer of a majority stake of 67% of the share capital of Heraklion Port Authority S.A. (OLI S.A.) to the consortium consisting of Grimaldi Euromed and Minoan Lines, for a price of €80 million has been completed.
According to the announcement, the Port of Heraklion is embarking on a new development path with the completion of the transfer of the majority stake, which followed a tender by the HRDAF. OLI S.A. acquires a strong shareholder and the HRDAF, which retains 33% of the agency's share capital, a strategic partner. The shareholders' agreement signed between the HRDAF and the investor secures the fund's position as a minority shareholder and as a body safeguarding the interests of the state.
50% of the €80 million price will be transferred to the "Special Account for the Development of Port Infrastructure" at the Bank of Greece for the financing of development and upgrading projects of port infrastructure in the portfolio of the Hellenic Fund for the Development of Port Infrastructure, as provided for by the provisions of Law 5131/2024.
The Hellenic Port Authority, in its capacity as the Port Planning Authority, will continue to assist the investor in all stages of the master plan approval process. The development of the Port of Heraklion by the Hellenic Property Development Fund is part of the Government's wider development plan for the upgrading of the infrastructure of Crete, together with the construction of the Northern Road Axis of Crete (N.O.A.K.) and the New Heraklion International Airport of Crete.
STATEMENTS
The Minister of National Economy and Finance, Kostis Hatzidakis, said: "Today is an important day not only for Heraklion and Crete but also for the national economy as a whole, for three reasons: Firstly, the Heraklion Port Authority acquires a strong shareholder, the Grimaldi Group, one of the largest shipping groups in Europe, which has already acquired the majority stake in the Igoumenitsa Port Authority following the corresponding tender of HRDAF. Secondly, the State secures a significant consideration of €80 million while retaining 33% of the shares of the Agency. And thirdly, it is the first contract for which the new provision of Law 5131/2024 applies, according to which 50% of the price will be allocated for the upgrading of the ports in the portfolio of the HRDAF. Also important for the local community of Heraklion is that after the redefinition of the port's land zone, the parts released will be returned to the Municipality. Something that has been a constant request of the Municipal Authority. The government is implementing a coherent strategy to upgrade ports throughout the country. Because this upgrading means better services for islanders and tourists, facilitation of trade, more revenue for the State, growth and jobs."
Minister of Shipping and Island Policy, Christos Stylianides, said: "Today, an important agreement for the future of the Port of Heraklion is completed, with the transfer of 67% of the shares of the Heraklion Port Authority to the Grimaldi Group and the payment of the 80 million euro price. This development marks the start of the transition of the Port of Heraklion to a new development path. The Port of Heraklion acquires a strong and internationally renowned partner, which will contribute substantially to its further development and upgrading. This strategic move not only strengthens the port itself, but also the local and national economy, reinforcing Greece's position on the global shipping map. The cooperation between the public and private sectors that has also been established in this project confirms our commitment to the efficient and sustainable management of the country's port infrastructure. We continue to work in the interest of the Greek citizen and the strengthening of our country's competitiveness in the shipping sector."
Speaking about the importance of the project, the CEO of the HRDAF, Dimitris Politis, said: "We are particularly pleased because one of the largest port infrastructure management groups in Europe, the Grimaldi Group, is acquiring a majority stake in the Heraklion Port Authority and is undertaking the transition of the port to a new period of sustainable development. With this project we safeguard the public interest in multiple ways: the Greek State, through HRDAF, maintains a 33% stake in the share capital of OLI, ensuring its presence in the new era that is beginning for the port. OLI acquires a strong key shareholder who is expected to implement important investments for the energy transition and infrastructure development. The city's Venetian port, one of Heraklion's cultural landmarks, is protected and enhanced, as we have ensured in cooperation with the Ministry of Shipping and Island Policy to include provisions in the tender for the establishment of a new public management body. Finally, it is particularly important that 50% of the price is committed and will be invested for the development of the ports under state control, enhancing their competitiveness and creating new jobs for the benefit of local communities and the national economy as a whole."
The Chairman and CEO of Grimaldi Euromed and Chairman of the Board of Directors of OLI Emanuele Grimaldi, referred to the long-term investment vision that inspired the acquisition of a majority stake in the Heraklion Port Authority: "We have an ambitious investment programme aimed at fully exploiting Heraklion's strategic position in the Eastern Mediterranean. This port has great potential for new trade routes for both passenger and freight transport, including cruise and vehicle transport. We are well aware of this, as for many years we have been the main customer of the port through the Grimaldi Group company Minoan Lines based in Heraklion. With the investments we intend to implement in renewable energy sources, we will support the sustainable development of the port and its transformation into a truly green and model port for the Mediterranean region. Our ultimate goal is to develop improved services at the port, with increased commercial activity, more tourism, more business opportunities, new jobs and greater prosperity for the city of Heraklion, the island of Crete and Greece as a whole."
