BUSINESS

ADMIE stake passes into Chinese hands

TAGS: Privatizations

China’s State Grid Corporation (SGCC), the world’s biggest utility, on Friday signed the purchase of a minority stake in Greece’s power grid operator ADMIE, China’s second big investment in the debt-laden country in a matter of months.

ADMIE was fully owned by Greece’s state-owned power utility Public Power Corporation (PPC).

Shareholders of PPC cleared last month the 320-million-euro sale of a 24 percent stake in the operator to SGCC.

The deal comes after Greece sold a 51 percent stake in its biggest port, Piraeus, to China’s biggest shipping company, Cosco Shipping, for 280.5 million euros earlier this year.

In a signing ceremony in Athens, SGCC said Greece was a market of strategic importance and its investment in ADMIE, Greece’s independent power transmission operator, would boost the company’s prospects.

“We made huge efforts, we overcame many difficulties to come to this historic moment,” said SGCC’s chief executive officer Kou Wei.

[Reuters]

Online