New joint company for ELGEKA and COSCO

 

 ELGEKA'S subsidiary, by 50.01% percentage, company “DIAKINISIS PORT (CY) LIMITED”, participated in the formation of a new company under the name “PIRAEUS CONSOLIDATION AND DISTRIBUTION CENTER S.A." with distinctive title ”PCDC S.A.", which is located in the Municipality of Perama and its duration was set at twenty (20) years. The formation of the aforementioned company derives as a consequence of the Memorandum of Cooperation which was signed between ELGEKA Group and Cosco Pacific Limited on October 02, 2010, with the presence of the Prime Ministers of Greece and China.

The company “DIAKINISIS PORT (CY) LIMITED” will participate with 50% in the share capital of the newly created company “PCDC S.A.”, which was set at EUR 1,000,000.00, divided into 100,000 ordinary shares of nominal value 10.00 EUR each, while the remaining 50% will be contributed by the company “COSCO PORTS (GREECE) S.a.r.l.”.

The sole purpose of the new company is the construction, development and operation of a "CONSOLIDATION AND DISTRIBUTION CENTER” on the premises of the NEW CONTAINER TERMINAL of Piraeus Port, through which it will provide handling services for incoming and intended for export goods, as well as for incoming and intended for the Greek domestic market containers, and, in general, services related to emptying, filling, storage and handling of containers and goods contained within them.

The newly formed company will be managed by a 6-member Board of Directors, in which the representation of both parties will be of equal weight.

Construction operations of the aforementioned centre will commence on July 18, 2011.

ELGEKA's Attorneys at law on the project: Ch. Vassilogeorgis - E. Assimakopoulou

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