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ATHENS, Greece (AP) — Greece’s privatization fund says China’s Cosco Group is the only bidder for a majority stake in the port of Piraeus, which is the debt-mired country’s biggest.

Cosco already has a concession to operate two of three container terminals at Piraeus, the port of Athens. The privatization fund said Tuesday it has asked the company to submit an improved offer, which is expected to be evaluated next week.

It did not disclose the value of the existing offer.

Greece is selling a 67 percent stake in the port as part of its ambitious but slow-moving privatization drive, which is a key precondition for continued disbursement of international rescue loans.

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