ECONOMY

PPC capital increase was three times oversubscribed

ppc-capital-increase-was-three-times-oversubscribed

Public Power Corporation announced on Thursday the successful completion of its share capital increase, attracting bids worth more than 4 billion euros, compared with the asked sum of €1.35 billion.

George Stassis, PPC’s chairman and CEO, commenting on the results of the book-building, said that the completion of the process of a combined offer in the framework of a share capital increase plan with particular success both in Greece and abroad, offered proof of the confidence of the investment community in PPC’s prospects and the prospects of the Greek economy more generally.

“This transaction is a landmark for PPC as it will allow it to speed up its transformation program and its investment plan in renewable energy sources, aiming to significantly raise operating profitability. It will also contribute to achieving the goals set out in the framework of energy transition for PPC’s transformation into an environmentally sustainable and digital energy company.”

PPC sources said that 90% of investors participating in the share capital increase were long-term strategy capital and that among the investment funds included were: CVC, Oak Hill, EBRD, BlackRock, Fidelity, Wellington, Helikon, Covalis, GAMA, Discovery, Zimmer, Kayne Anderson, T Rowe, Millennium Partners, Hengistbury Inv. Partners, Light Sky, JNE Partners, Ghisallo Capital, Fiera Capital and Schronfeld Strategic Advisors.

Foreign investors accounted for 87% and domestic for 13%.