Public Power Corporation will retain a majority of seats on the board and in the management of the Hellenic Electricity Distribution Network Operator (HEDNO or DEDDIE), which will have the option of listing its shares on the stock market and implementing an already approved business plan for the period through 2028, according to a shareholders’ agreement reached between PPC and Macquarie, the preferred investor in a tender to buy 49% of DEDDIE’s equity capital.
The sale is expected to be approved by an extraordinary shareholders’ meeting on October 19.
According to the shareholders’ agreement, DEDDIE’s board will have 11 seats, six of which will be taken up by PPC, four by the investor and one by a workers’ union representative.
PPC will appoint the CEO and COO, while the investor will appoint the CFO. The investor will have the right to veto decisions that neither significantly affect the operation of the company nor prevent PPC from controlling the company.
Dividend payments will be the larger sum between either 85 million euros or 95% of net profits for the previous year, while the investor will be allowed to transfer its shares for a period of three years. After five years, the investor can ask for the listing of DEDDIE’s shares in the stock market. [AMNA]