A general shareholders' meeting of state-run Public Power Corp. (PPC) on Thursday approved the sale of a 24-percent stake in the Independent Power Transmission Operator S.A. (IPTO or ADMIE) to China's State Grid Corp. for 320 million euros.
The development was expected, following a positive decision by PPC's board of directors this past month, and given that the power utility's biggest shareholder is the Greek state.
Another general shareholders' assembly will convene in 2017 in order to fulfill a memorandum-mandated obligation of establishing a holding company for the grid operator and its subsequent listing on the Athens Stock Exchange in the spring of 2017.
Based on the third memorandum, the Greek state's share of ADMIE will fall to 51 percent of the grid operator, State Grid Corp. will emerge as the strategic investor with 24 percent of its shares, and the remaining 25 percent will be sold and disbursed to third parties.
