ECONOMY

PPC, Alapis sign deals with Chinese partners (Update)

Power utility PPC and pharmaceutical company Alapis announced deals on Wednesday hooking up with Chinese partners eyeing growth opportunities in south eastern Europe.

PPC, 51 percent owned by the state, said it has entered a strategic partnership with China?s Sinovel Wind Group aimed at jointly developing wind parks in Greece and building wind generators.

?This partnership combines the know-how and experience of PPC with that of Sinovel Wind Group…in line with PPC’s strategic goal to play a leading role in the development of renewable energy in Greece,? PPC said in a bourse filing.

No financial details concerning the agreement were disclosed.

Sinovel is Asia?s leading wind generator construction company and the second largest in the world, PPC added.

Shares in PPC were up 2.91 percent at 12.01 euros in mid session trade on the Athens bourse, versus broader market gains of nearly two percent.

Shortly afterwards, Alapis said that it has signed a non binding memorandum of understanding with Chinese pharmaceutical company CSPC.

Alapis said that the two companies will look at the possibility of the Greek firm buying raw materials from China, CSPC selling products in Greece and ?other markets’, the joint development of products and the exchange of technical know how.

?We are excited and privileged with the fact that CSPC has identified and chosen Alapis as its credible partner to assist in the promotion of its interests in south east Europe, a process which in the near future will hopefully yield positive and tangible benefits to all parties involved,» Alapis said in a statement.

Shares in Alapis were flat at 0.18 euros mid session on Wednesday.