Trainose submits binding offer for rolling stock maintenance company

Tuesday, 06 March 2018 21:47

FSI-controlled Trainose, the dominant and previously state-owned rail operator in Greece, on Tuesday submitted a binding offer for the 100-percent acquisition of another state-controlled entity that provides rolling stock maintenance and railroad availability services.

Trainose submitted the bid for the company, known by its Greek-language acronym of EESSTY S.A. or "ROSCO", with Greece's privatization agency, the Hellenic Republic Asset Development Fund.  

ROSCO 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 the former, among others.

Previous international tenders to sell-off the company have been declared void.

Trainose was purchased by Ferrovie Dello Stato Italiane for 45 million euros last September, part of an ongoing memorandum-mandated privatization program.