PPC shareholders approve ADMIE plan

A Public Power Corporation general shareholders’ meeting on Tuesday approved a plan for the ownership separation of ADMIE – The Independent Power Transmission Operator – after reaching an agreement with Greek banks on offering additional guarantees, including the assignment of PPC claims on corporate customers.

The shareholders’ meeting was informed about a new proposal by the country’s four systemic banks which had raised doubts last week over the deal, according to which: in view of a timely privatisation of ADMIE, banks are positively examining covering an existing syndicated bond loan with guarantees on behalf of Energy Holdings and the assignment of PPC claims on corporate customers worth 300 million euros. Also, the banks intend to examine a short-term funding of PPC which guarantees the assignment of PPC’s claims on corporate customers.

The shareholders’ meeting approved a plan to set up a holding company in which PPC will transfer 51 pct of ADMIE equity capital, while PPC’s equity capital will be reduced and the company will return to its shareholders shares from PPC’s equity stake in the holding company, which will seek listing in the Athens Stock Exchange.