PPC shareholders to approve plan for ADMIE

A Public Power Corporation general shareholders’ meeting on Thursday is expected to approve a plan for the ownership separation of the Independent Power Transmission Operator (IPTO or ADMIE) S.A..

The shareholders’ meeting will discuss the evaluation of ADMIE, which based on the method used varies from 891 million euros to 1.03 billion euros, or 964.2 million euros on average. Greek authorities sold a 24 pct equity stake in ADMIA to Chinese State Grid for 320 million euros, a price valuing the independent operator at 1.33 billion euros.

According to the process agreed and implemented, PPC will contribute 51 pct of ADMIE to a Holding Company with an equity capital of 491.8 million euros. PPC shareholders are expected to approve a plan for a share capital decrease worth 491.8 million euros and a reduction of the company’s nominal share price along with the distribution of the new Holding Company’s shares to PPC’s existing shareholders. The Greek state and Hellenic Republic Asset Development Fund (HRADF) own 51 pct of PPC and will have a similar stake in ADMIE through the holding company.

The new company will be called “Energy Holding”. PPC sources said the electricity utility is expected to announce an agreement with Larco on a new electricity power supply price.