Government to up PPC part-sale from 10pct to 16-18pct as interest soars

Strong interest from domestic and foreign institutionals has led the government to revise upward the percentage of state electricity company Public Power Corporation (PPC) to be floated on the Athens Stock Exchange from 10 percent to 16-18 percent. The increase was decided today in a meeting attended by Economy and Finance Minister Nikos Christodoulakis, Development Minister Akis Tsochadzopoulos, the company’s top management and lead manager National Bank. The state electricity firm, which, earlier this year lost its monopoly in electricity production but retains it in distribution, will be floated on the market next month. A public subscription will take place on December 4-7 and trading will most likely begin on December 12, despite pressure from foreign institutionals to have it start immediately following the public subscription. A 15-percent stake in PPC will be sold through public subscription, 1 percent through private placement and another 2 percent may be sold if holders of share-convertible certificates show interest. Pavlopoulos said geography plays an equally important role in limiting winter tourism.

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