The signing of the agreement for the transfer of the shares and the payment of the price took place at the premises of OLI S.A. in Heraklion, Crete, in the presence of the Minister of National Economy and Finance, Kostis Hatzidakisof the Minister of Shipping and Island Policy, Christos Stylianidisof the First Vice-President of the Hellenic Parliament, Yannis Plakiotakisof Theophilestas Bishop of Knossos, Methodius, of the Regional Governor of Crete, Stavros Arnautakisof the Mayor of Heraklion, Alexis Kalokairinouof the CEO of TAIPED, Dimitris Politisof the President and CEO of Grimaldi Euromed SpA, Emanuele Grimaldiof the CEO of Minoan Lines, Luke Sigalaof the President and CEO of the company “Port of Heraklion Holdings SA”, Paul KyprianouGrowthfund’s Concessions Senior Manager, Dimitris Konstantakopoulou, of the CEO of OLI S.A., Mina Papadakis, of the Chairman of the Board of Directors of OLI S.A., Ioannis Vardavas, and executives of TAIPED.
With the completion of the transfer of the majority share, following a tender conducted by TAIPED, the port of Heraklion is moving on a new path of development. ALL S.A. acquires a strong shareholder and TAIPED, which holds 33% of the Organization’s share capital, a strategic partner. With the shareholders’ agreement signed between TAIPED and the investor, the Fund’s position as a minority shareholder and as an entity safeguarding the interests of the State is guaranteed.
50% of the price of 80 million euros will be attributed to the “Special Port Infrastructure Development Account” at the Bank of Greece for the financing of port infrastructure development and upgrading projects in the TAIPED portfolio, as provided by the provisions of Law 5131/2024.
TAIPED, in its capacity as the Port Planning Authority, will continue to assist the investor at all stages of the approval process of its development program (masterplan). The utilization of the port of Heraklion by TAIPED is part of the wider development plan of the Government to upgrade the infrastructure of Crete, together with the construction of the Northern Road Axis of Crete (B.O.A.K.) and also the New International Airport of Heraklion Crete .
The port of Heraklion is the first in the country to receive external verification from TUV AUSTRIA for its performance in ESG criteria based on the HRADF ESG RATING TOOL developed by TAIPED. The certification process was coordinated by the Directorate of Sustainable Development of TAIPED, which annually evaluates all ports in its portfolio based on ESG criteria using its own digital tool “HRADF ESG RATING TOOL”.
The Minister of National Economy and Finance, Kostis Hatzidakisstated: “Today is an important day not only for Heraklion and Crete but also for the national economy as a whole, for three reasons: First, the Heraklion Port Authority acquires a powerful shareholder, the Grimaldi Group, one of the largest shipping groups in Europe , which has already acquired the majority of the shares of the Port Authority of Igoumenitsa after the corresponding tender of TAIPED. Secondly, the State secures a significant consideration of 80 million euros while retaining 33% of the Agency’s shares. 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 to the upgrading of the ports that are in the TAIPED portfolio. It is also important for the local community of Heraklion that after the land zone of the port is redefined, the freed parts will be given to the Municipality. Something that was a permanent request of the Municipal Authority. The government is implementing a structured strategy to upgrade the ports of the entire country. Because this upgrade means better services for islanders and tourists, trade facilitation, more revenue for the State, development and jobs”.
The Minister of Shipping and Island Policy, Christos Stylianidisemphasized: “Today, an important agreement for the future of the port of Heraklion is concluded, with the transfer of 67% of the shares of the Heraklion Port Authority to the Group Grimaldi and the payment of the price of 80 million euros. This development marks the start of the port of Heraklion’s transition to a new development path. The port of Heraklion acquires a strong and internationally prestigious partner, who will substantially contribute to its further development and upgrading. This strategic move not only strengthens the port itself, but also the local and national economy, strengthening Greece’s position on the global shipping map. The cooperation between the public and private sectors established in this project also confirms our commitment to the efficient and sustainable management of the country’s port infrastructure. We continue to work in the interests of the Greek citizen and strengthening the competitiveness of our country in the shipping sector.”
Speaking about the importance of the project, the CEO of TAIPED, Dimitris Politispointed out: “We are particularly pleased because one of the largest port infrastructure management groups in Europe, the Grimaldiacquires a majority stake in the Heraklion Port Authority and undertakes the transition of the port to a new period of sustainable development. With this project, we ensure the public interest in many ways: the Greek State, through TAIPED, maintains a 33% share in the share capital of OLI, ensuring its presence in the new era that is starting for the port. OLI acquires a strong key shareholder who is expected to implement significant investments for the energy transition and the development of its infrastructure. The Venetian port of the city, one of the cultural reference points of Heraklion, is protected and highlighted as we ensured in collaboration 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 reserved and will be invested for the development of ports under state control, strengthening their competitiveness and creating new jobs for the benefit of local communities and the national economy as a whole”.
The President and CEO of Grimaldi Euromed SpA and chairman of the Board of Directors of OLI S.A. , Emanuel Grimaldireferred to the long-term investment vision that inspired the acquisition of a majority stake in the Heraklion Port Authority: “We have an ambitious investment program 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 know this very well, since for many years we have been the port’s main customer through the Group company GrimaldiMinoan 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 tourist traffic, more business opportunities, new jobs and greater prosperity for the city of Heraklion, the island of Crete and Greece as a whole.”
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