PPC shareholdres approve sale of 34 pct ADMIE stake to State Grid

Power utility PPC’s shareholders approved on Thursday the sale of a 24 percent stake in the country’s power grid operator ADMIE to China’s State Grid, which won the relevant tender offering 320 million euros.

A new shareholders meeting is expected to be held at the start of 2017 to form the “Pubic Holdings Company ADMIE”, to which the operator’s shares will be transferred. The new company will enter the stock market in March, according to the rules set out in the bailout deal signed with Greece’s creditors.

At the end of the procedure, the State will own 51 percent of the shares, State Grid 24 percent and other investors the remaining 25 percent.