BUSINESS

PPC to sell 24 pct stake in ADMIE

TAGS: Privatizations

Greece is close to concluding a spin-off of its power grid operator ADMIE from state-controlled power utility PPC, the Energy Ministry said on Friday.

The move, a key term of the country’s international bailout, will boost PPC’s cash reserves by about 700 million euros in May, the ministry said in a statement.

Under the plan, PPC will sell a 24 percent stake in ADMIE to China’s State Grid for 320 million euros.

Another 25 percent stake will be transferred to the state and the rest to a new entity that will be sold.

The plan needs to be approved by the EU competition regulator.

[Reuters]

Online