Piraeus Port Authority (PPA) has expanded its scope of business activity following shareholders’ approval of amendments to the corporate charter, paving the way for investments in ports, logistics, infrastructure and corporate stakes in Greece and abroad.
The Extraordinary General Meeting of PPA shareholders was held on August 27. The amendments were approved by 99.94%, formally endorsing the expansion of the company’s corporate purpose.
PPA management said the changes were deemed necessary to bring the corporate charter in line with modern business practices, developments in the ports, supply chain and infrastructure sectors, as well as its long-term growth objectives.
The most significant change concerns PPA’s ability to expand its activities beyond the port of Piraeus. Under the new framework, the company can participate in the development, operation and management of other port infrastructure in Greece and abroad, as well as provide port planning, organization and operating services.
At the same time, PPA will be able to participate in investment and joint-venture structures, establish subsidiaries, acquire or sell corporate stakes and invest capital in companies active in port services, transportation, infrastructure, energy and other complementary sectors.
Focus on logistics
Particular emphasis is placed on the supply chain. Under the amended charter, PPA can develop activities linking cargo flows through the port with warehousing, distribution, land transportation and broader freight-flow management.
The ability to establish a subsidiary is viewed by management as a tool for further upgrading the company’s logistics services, a sector considered particularly important to PPA’s future growth.
PPA Chairman Han Chao said the modernization of the company’s charter creates the necessary conditions for its further development and the implementation of its long-term strategy.
As he noted, a key priority remains advancing the investments and projects included in and approved under the Port of Piraeus Master Plan.
“Not linked to a specific project”
Its management clarified that the expansion of the company’s charter is not currently linked to any specific project, tender or investment plan.
According to Han Chao, the new provisions allowing PPA to take stakes in companies in Greece or abroad create a “modern and flexible framework” enabling the company to assess investment opportunities in the future that are compatible with its strategy and long-term objectives.
In other words, the decision does not mean that PPA is immediately moving into another port or pursuing a specific acquisition. It does, however, give the company the corporate capacity to do so when a relevant opportunity arises and the necessary decisions are taken by the competent corporate bodies.
Source: Naftemporiki