PPC postpones discussion of ADMIE split plan

A Public Power Corporation general shareholders’ meeting on Thursday postponed a discussion on completing the ownership separation of ADMIE, the Independent Power Transmission Operator, following a similar request by Hellenic Republic Asset Development Fund (HRADF), representing 17 pct of shareholders.

The general shareholders’ meeting began with an 1.5 hour delay because of consultation on a government level, PPC’s chairman and CEO Manolis Panagiotakis said.

Discussion on ADMIA will focus on setting up a subsidiary holding company which will obtain 51 pct of ADMIE equity capital, reducing PPC’s equity capital by the same amount and a capital return scheme to shareholders. The discussion agreed to be held in January 17 during a new general shareholders meeting.