PPC to submit candidacy file for ASE listing

The Public Power Corporation (PPC) will submit a preliminary candidacy file for its listing on the Athens Stock Exchange today. PPC will not submit the full file because privatization advisers are still examining whether the current climate in international stock markets is favorable for such a move. This research is expected to be completed by mid-November. 15-percent sale The government plans to sell up to 15 percent in PPC, which lost its monopoly in electricity production earlier this year. It retains the distribution monopoly. PPC announced half-year pretax profits of 46 billion drachmas and it expects full-year profits to reach 70 billion. However, an audit by consultants Arthur Andersen revealed that 1998’s 14.3 billion drachmas of profits were actually 17 billion drachmas of losses; in 1999, the announced profits of 26 billion drachmas were actually 10 billion and in 2000, official profits of 13.3 billion were actually 1.9 billion. Yields on that paper fell to 89.38 percent from a maximum yield in Tuesday’s auction of 92.49 percent, while yields on the benchmark paper maturing on March 6, 2002 fell to 92.90 percent from Tuesday’s 94.99 percent.

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