Περιγραφή της προμήθειας
HRADF was transferred the right (the ‘Right’) to operate, maintain and exploit the Egnatia Motorway and roadside sites thereto, as well as all property, tangible and intangible, rights related to the Egnatia Motorway, together with 3 vertical axis:
(i) Siatista-Ieropigi/Kristallopigi leading to Albania;
(ii) Thessaloniki – Serres — Promachonas leading to Bulgaria; and
(iii) the Thessaloniki — Evzoni transversal part of Patra – Athens – Thessaloniki Evzoni motorway axis leading to North Macedonia (all together referred to as ‘Egnatia’ or the ‘Motorway’).
Τhe Fund is conducting an international public tender in 2 phases (the ‘Tender Process’) for the award of a service concession agreement of the right to use, operate, manage and exploit the Motorway (the ‘Transaction’).
Phase A of the tender process (pre-qualification of interested parties) was concluded on 16.5.2018. Phase B of the tender process (submission of binding offers) commenced in 15.6.2018 with the release of the first draft of the concession agreement (The ‘Draft Concession Agreement’) to the pre-qualified parties for their comments. For the purposes of the tender process and the transaction, as well as the valuation of the binding offers that will be submitted, the provision services of an independent valuer to the Fund is required, as per the provisions of Law 3986/2011.
According to Article 6.2 of Law 3986/2011, as currently in force, an independent valuation of an Asset must be concluded and made available to the Board of Directors of HRADF and Council of Experts, prior to its privatisation. Regarding the transaction, HRADF has decided to perform an independent valuation for the right.
In this context, HRADF considers the appointment of a leading investment bank and/or financial services firm and/or professional services companies offering financial advisory services (the ‘Independent Valuer’), to carry out an independent valuation study of the right.
The independent valuer is expected to submit, directly to HRADF, a report with its independent valuation of the right, including any potential update thereof as the Fund may request (altogether referred hereby as the valuation report). The independent valuer is required to provide all necessary analysis and substantiation of the valuation reports to HRADF’s Board of Directors and HRADF’s council of experts.
The valuation report and the supporting documentation including an executive summary should be prepared in English.
The independent valuer may be requested to liaise with HRADF’s advisers in the context of implementing the task of the independent valuation of the right.
HRADF will make available to the independent valuer all material available to bidders in the virtual data room of the transaction.
The valuation report and all the relevant supporting documentation should, indicatively, include:
— description of the project from a financial and business perspective,
— analysis of the valuation methodology applied, including relevant inputs and calculations,
— an estimated market value of the concession of the right over the Asset.