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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Further Clarification in Respect of Tender for Concession Rights of the Piraeus Port

Date:2008-06-09     Publish:本站

Further Clarification in Respect of Tender for
Concession Rights of the Piraeus Port

 

HONG KONG – 9 JUNE 2008 – COSCO Pacific Limited (the “Company”) announced that, in May 2008, the Company submitted separate bids to the Piraeus Port Authority (“PPA”) and the Thessaloniki Port Authority (“TPA”) in Greece for concessions to upgrade and operate Piers 2 and 3 of the Piraeus Port and Pier 6 of Thessaloniki Port.

In early February 2008, the government of Greece, PPA and TPA launched separate  internationally competitive tenders inviting companies from around the world to submit bids for the concessions. 

In terms of throughput, the Piraeus Port and the Thessaloniki Port are the two largest container terminals in Greece, and the Piraeus Port is one of the top ten container terminals in Europe. Piraeus is also located in the commercially and strategically important shipping lane used to service Europe, North Africa and the Mediterranean.  An investment in the Piraeus Port and the Thessaloniki Port would be consistent with CPL's long-established strategy to position its terminal operations in strategically important locations linked to major shipping lanes and important economies.

As at the date of this press release, the Company has not received any notification from PPA or TPA on the results of the bids or the tender process.

In a press release issued by PPA dated 3 June 2008 and as reported in various press articles, the Company's total bid for the Piraeus concession was described as approximately Euro 4.3 billion.  In an announcement issued by the Company on 4 June 2008, the Company described the price offered under its bid for the Piraeus concession was approximately Euro 500 million.

The Company noted the difference in the bid amounts for the Piraeus concession as described by the Company and by PPA, and wishes to state that the Company believes that such difference arises principally as a result of the different accounting methodologies used in determining the amounts and the different categories of costs included in such amount.
 
The Company wishes to clarify that the bid amount mentioned in the Company's announcement on 4 June 2008 refers to the financial offer price component of the Bid, calculated on a present value basis.  Such financial offer price is the only component under the Bid that would vary among different bidders, whilst all other components of the bid are the same for all bidders.  The Company also understands that, in selecting the provisional highest bidder among participating bidders to move to the subsequent stages in the tender process, the evaluation committee of PPA would take into account the financial offer price component of the bids submitted by bidders.

The amount of Euro 4.30 billion described in the PPA press release includes, in addition to such financial offer price mentioned above, all other non-variable fee commitments comprising the bid, including an up-front concession fee, and the annual rental payable for use of certain land and quay facilities that must be paid by the successful bidder under the rules of tender issued by PPA, calculated on a notional value basis and payable over the entire 35-year concession period.