Greece’s privatization agency, the Hellenic Republic Asset Development Fund (HRADF), on Friday announced that its board of directors unsealed an improved financial offer for the acquisition of a 100-percent stake in EESSTY (ROSCO) S.A., which provides rolling stock maintenance and railroad availability services.
The bid was submitted by Trainose S.A., which holds a national rail operation concession.
The improved bid is worth 22 million euros, with HRADF saying the sum is within the valuation limits of two independent valuators.
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 rolling stock maintenance entity, 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.
