The Greek Capital Market Commission on Monday approved the Public Power Corporation’s (PPC) plan for a share capital increase scheme, which envisages pre-tax earnings of around 1.0 billion euros and operating earnings of 1.675 billion euros in the next five years.
The book-building process will open on Tuesday.
PPC’s pre-tax earnings were 67 million euros in 2020 and are projected to jump to 912.4 million in 2026, a 13-fold increase. Operating earnings are expected to double from 885.8 million to 1.675 billion euros over the same period. The share capital increase plan will be made at an offering price of 8.5-9 euros per share and the Greek state will retain a statutory majority of 34.123% following completion of the scheme.
The proceeds of the share capital increase plan, estimated at 1.35 billion euros, will be used to finance renewable energy projects, compatible energy and other corporate and investment purposes.