Greece’s privatisation agency has named the operator of Thessaloniki port as the preferred bidder for acquiring a 67% stake in the port of Volos, it said on Thursday.

Thessaloniki Port Authority OLTr.AT has offered 51 million euros ($53.74 million) for the stake, the agency said in a statement.

The agency unsealed all four bids and named a consortium of Goldair Cargo and Goldair Handling as the second-highest bidder, it added.

Under the terms of the tender Thessaloniki Port Authority will need to show that it has secured financing for the deal.

The announcement comes as the port city of Volos is struggling with flooding from torrential rain, just three weeks after Storm Daniel killed 16 people in the wider region of central Greece.

Source: Reuters reported by Angeliki Koutantou and edited by Sharon Singleton