ECONOMY

Silchester is buying Greek

Silchester International Investors, which is based in New York and London, appears to be building its position in the Greek market, as it has been buying into state-controlled listed firms Public Power Corporation (PPC) and OPAP.

At a time when foreign investors appear to have lost interest in the local bourse, to put it mildly, between early 2010 and the end of 2011, Silchester gradually obtained about 14 percent of PPC. As a result, after the Greek state, which controls 51 percent of the country?s main electricity producer and supplier, Silchester is the second-biggest shareholder in PPC, while Fidelity Investments is a distant with a 5 percent stake.

Silchester has a portfolio of some $26 billion and in the last few days it has also made inroads into OPAP, as its stake has surpassed 5 percent. It is now the third-biggest shareholder in the gaming firm behind the state, which holds 34 percent, and Capital Research