PPC postpones board meeting on sale of units

PPC postpones board meeting on sale of units

Greece’s dominant power utility Public Power Corporation (PPC) postponed a board meeting on the sale of power stations scheduled for Thursday after workers occupied its headquarters to protest against the plan.

Greek lawmakers last month approved legislation which allowed PPC to start selling 40 percent of its coal-fired capacity, a requirement of a multi-billion-euro bailout accord between Athens and its international lenders.

PPC’s board was due to convene on Thursday in Athens to pave the way for the sale of three units and a license for another one but the meeting was put off after workers occupied the building, the head of PPC’s biggest trade union GENOP said.

“We had occupied the offices since last evening. The workers got in, aiming specifically for the firm’s board meeting on such a serious issue not to take place,” GENOP’s head Giorgos Adamidis told Reuters.

PPC said in a statement that the board will convene via a teleconference on Monday to decide on the advisers and other issues of the sale.

PPC needs to take a series of actions to set off the sale process, including securing shareholders’ approval to launch an international tender for the divestment.

The utility said last Monday it wanted to invite investors to express initial interest for the units by May this year, aiming aim to conclude the sale by January 17, 2019.


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