Greece’s Public Power Corporation on Friday signed an agreement transferring 24 pct of shares in the Greek power grid operator ADMIE to China’s State Grid for 320 million euros. The signature of the agreement was attended by Environment and Energy Minister George Stathakis, who said it was one more step further cementing the close economic relations between Greece and China.
The minister also noted that the government hopes the major changes taking place in Greece’s energy sector will attract investors but also to protect the environment.
PPC Chairman and CEO Manolis Panagiotakis noted that the complex sale process had been completed in record time on a global level and expressed confidence that the entire process will be concluded within deadlines, before the end of March.
“This signature begins the separation of ADMIE’s ownership from PPC and the completion of a difficult project,” he said, noting that State Grid had shown its confidence in PPC and Greece in what he called a “strategic partnership”.
Major technological potential
“ADMIE has major technological potential, an excellent workforce and its role in electrical energy union will be important on the basis of the connections that will be made in coming years, since there is expected to be a strengthening of interconnections with other regions to the east but also with Crete and the islands,” Panagiotakis said.
State Grid’s presence in ADMIE’s share capital created new prospects and conditions for a successful completion of the project, he added.
State Grid President Kou Wei noted the strategic importance of the Greek market, due to its location between Asia, Europe and Africa, as well as its role in the Balkans. He said that State Grid is also planning to enter the energy markets of Italy and Portugal.
The sale of a minority stake of ADMIE to State Grid was approved by PPC shareholders on November 24. A new shareholders’ meeting is expected to be held at the start of 2017 to form the ?Pubic Holding Company ADMIE?, to which the operator’s shares will be transferred. The new company will be listed on the Athens stock exchange in March, according to the rules set out in the bailout deal signed with Greece’s creditors.
At the end of the process, the State will own 51 percent of ADMIE shares, State Grid 24 percent and other investors the remaining 25 percent.
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