A top administrative review body, Greece's Court of Audit has approved an agreement to sell-off a state-run rolling stock maintenance company to Ferrovie Dello Stato Italiane-controlled rail operator Trainose SA.
A top administrative review body, Greece's Court of Audit has approved an agreement to sell-off a state-run rolling stock maintenance company to Ferrovie Dello Stato Italiane-controlled rail operator Trainose SA.
According to information supplied by the privatization agency, the price tag reaches 22 million euros.
The sale process is expected to be completed by the end of the year, according to the Hellenic Republic Asset Development Fund.
The rolling stock maintenance entity, EESSTY or Rosco, was established in 2013 when the wholly state-owned and managed Hellenic Railway Organization (OSE) was broken up. The breakup of OSE yielded a rail operator, Trainose; Ergose, a railroad construction company, and EESSTY.
Trainose was purchased by Ferrovie Dello Stato Italiane for 45 million euros in September 2017, part of an ongoing memorandum-mandated privatization program in the country.