Shareholders of Greece’s power utility Public Power Corp. (PPC) approved yesterday (17 January) the transfer of a 51% stake in the power grid operator ADMIE, part of a spin-off scheme, which is a major term in Greece’s bailout programme.
Under a legislated scheme aiming at keeping ADMIE under state control, PPC will sell a 24% stake to China’s State Grid for €320 million and set up a special vehicle to transfer a cost-free 51% stake to the state and existing private shareholders.
“The extraordinary PPC shareholders meeting approved the procedures in order to conclude ADMIE’s spin-off,” the energy ministry said in a statement.
In 2015, Greece signed up to its third international bailout since the debt crisis erupted, agreeing to cut spending, pursue reforms and speed up privatisations to shore up its finances.
