ECONOMY

PPC shareholders approve 30 pct option for gas

The Public Power Corporation (PPC) got shareholder approval yesterday to act on an option to buy up to 30 percent of state-owned gas company DEPA. Management told shareholders a study was under way on DEPA and the natural gas market’s prospects for PPC. But for the time being there were no further details on when the option would be exercised. «The proposal is for PPC to buy when it deems necessary up to 30 percent of DEPA,» said PPC Board Chairman Dimitris Papoulias. «For the time being there is nothing else on this issue.» PPC, the latest member of the Athens bourse’s blue chip index and Morgan Stanley Capital International’s (MSCI) Greece Index since Monday, has been overhauling operations to deal with the loss of its power monopoly in February last year. Diversification is seen as taking a back seat to its plans to launch operations as an alternative telecoms provider in a joint venture with Italy’s Wind. The new company, tentatively titled Evergy, plans to compete with dominant fixed-line operator OTE Telecom. Managing Director Stergios Nezis told Reuters the company’s telecoms launch was on track and due by the end of this year. He also said there was nothing new to report on the State’s plans to find a strategic investor for PPC, adding that the Finance and Development ministries, which oversee PPC, would take a decision in due course. (Reuters) One such project is the Unification of Athens Archaeological Sites plan to create an archaeological park based on pedestrian zones around the Acropolis. Dionysiou Areopagitou Street, south of the Acropolis, has already been transformed almost beyond recognition. All this, in fact, started long ago, with the renovation of Plaka from its 1970s honky-tonk decay, and even further back, it was visualized by the city’s original architects, Cleanthes and Schaubert. All this (long overdue) work should be completed next year.