Greece's privatization fund, the Hellenic Republic Asset Development Fund (HRADF), on Tuesday announced that its board of directors accepted an improved financial offer for the sale of a 100-percent stake in EESSTY SA (ROSCO), as submitted by Trainose SA.
HRADF said it board of directors accepted the offer and declared Trainose as the preferred investor.
EESSTY was established in 2013 when the wholly state-owned and managed Hellenic Railway Organization (OSE) was broken up. The breakup of OSE yielded the rail operator, Trainose, Ergose, a railroad construction unit, and EESSTY, the rolling stock maintenance entity.
According to a HRADF press release, the file of the tender process will be submitted to the Court of Audit for pre-contractual review and assessment and the share purchase agreement (SPA) will be signed, following the Court of Auditors’ approval. The completion of the transaction is conditional to the competent authorities’ approvals.
Trainose was purchased by Ferrovie Dello Stato Italiane for 45 million euros last September, part of an ongoing memorandum-mandated privatization program.
