BUSINESS

Lawmakers green-light sale of 66-percent stake in power transmission operator

Greek lawmakers on Wednesday voted in favor of a bill for the privatization of Greece's Independent Power Transmission Operator (ADMIE).

The bill foresees the sale of a 66-percent stake in the state-owned company, with the minimum 151 of the House's 300 MPs approving the decision.

The privatization of ADMIE will be completed in one single stage and will secure the state’s participation at 34 percent. The cost of the state's stake will be determined by the amount of the final offer from the private investor that will acquire the remaining 66 percent.

Sources told Kathimerini in December that the Chinese State Grid (SGCC), the biggest network company in the Asian country, and Italian power transmission operator Terna are in contact with the government for the acquisition of the controlling stake.

Public Power Corporation (PPC) workers are protesting the sale with rolling strikes and staged a rally in front of Parliament on Wednesday afternoon following the decision.

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