The Grimaldi era begins in Igoumenitsa

On 20 October, with the signing of the share purchase agreement, the process of selling and transferring to the consortium led by the Grimaldi Group companies Grimaldi Euromed SpA and Minoan Lines S.A. a majority stake in the capital of the Igoumenitsa Port Authority (IPA S.A.) was finally completed. What officially changed hands, for a total price of 84.17 million euros, was 67% of the capital of IPA S.A., sold by the Hellenic Republic Asset Development Fund (HRADF), which manages the program of privatization of ports and other public assets in Greece and is a member of GROWTHFUND – the National Fund of Greece.

In the words of Greek Prime Minister Kyriakos Mitsotakis, this was “a very important day not only for Igoumenitsa, but for the whole of Epirus, which is really starting a journey into a new era by weighing anchor here, from its largest port.” His presence at the signing ceremony in Igoumenitsa together with other members of the Government – including the Minister of Finance, Kostis Hatzidakis and the Minister of Maritime Affairs and Insular Policy, Christos Stylianides – was a clear sign of the great strategic value of the deal for the country as a whole. In fact, as the Prime Minister stressed, “the transfer of the management of the port of Igoumenitsa to a large shipping giant such as the Grimaldi Group means more development for both the local and the national economy. An investment that will act as a driving force of progress for more jobs and better lives throughout Western Greece.”

Attending the ceremony were also HRADF CEO Dimitris Politis, GROWTHFUND Deputy CEO Stefanos Giourelis, Hellenic Parliament Vice President Ioannis Plakiotakis, Epirus Regional Governor Alexandros Kachrimanis, other representatives from local and regional institutions, as well as a delegation from the Grimaldi Group accompanying Managing Director Emanuele Grimaldi.

“Our Group’s ultimate goal is to have the Port of Igoumenitsa express its full potential to the benefit of all stakeholders, on a local, national and international level,” stated Mr Grimaldi. “We have an ambitious investment program, which aims at further developing the business activities of the Port in the ferry business, the cruise sector and the marinas.”

“Igoumenitsa is the gateway between Western Europe, Greece, the Balkans and Turkey,” he added. “In this respect, we plan to further attract and upgrade maritime services for the transport of freight and passengers between this port and Italy’s Adriatic coast, which are essential for trade between nations in this part of the Mediterranean. All this will result in more trade flows, more tourism, more local businesses and more jobs.”

As always, the Italian Group is keeping an eye on environmental sustainability as well: “Through our investments in renewable energy sources, we plan to make Igoumenitsa a true green port and a landmark for the entire port industry,” Mr Grimaldi concluded.