Water utility stakes return to the state

TAGS: Privatizations, Business

The Greek state is reclaiming its majority stakes in the Athens and Thessaloniki water companies, as the government has revoked the decision by the ministerial committee for privatizations handing its shares to sell-off fund TAIPED.

A ministerial decision published in Thursday’s Government Gazette provides for the return of 15.97 percent of shares in the Athens Water Company (EYDAP) and a 50 percent stake in the Thessaloniki Water Company (EYATH) to the state, following the Council of State’s decision that dictates that the state should hold majority stakes in the water utilities.

The 16.97 million shares of EYDAP and the 18.15 million EYATH shares were originally transferred to TAIPED in October 2011. Sources say that the controlling stakes will be transferred to the new privatizations fund, the Hellenic Corporation of Assets and Participations (EESP), at a later stage.

TAIPED retains stakes amounting to 11.33 percent in EYDAP and 24 percent of EYATH.

On Friday EYDAP’s stock lost 1.25 percent on the Athens stock market, while that of EYATH slid 0.20 percent.