One of 13 remaining “prior actions” demanded by institutional creditors has apparently entered the “final stretch” towards implementation, as the government on Tuesday submitted draft legislation to Parliament allowing the transfer of 20 to 24 percent of the state-run grid transmission network (ADMHE) to a strategic investor.

A previous timetable foresaw the sale and transfer of a large minority of the utility’s shares only after the establishment a holding company, which would retain 51 percent of ADMHE’s shares, with 51 percent of that new company transferred to the shareholders of PPC, the dominant power company in the country that is both listed on the Athens Stock Exchange (ASE) and still managed by the state.

The new holding company would also, in the near future, be floated on the ASE, according to the initial plan.

Nevertheless, the draft bill tabled on Tuesday by relevant minister Panos Skourletis did not include this process as a prerequisite for transferring ADMHE’s shares to a strategic investor to arise from an international tender.