Xinhua — A 320-million-euro agreement for the transfer of a 24-percent stake in the Greek power grid operator ADMIE from Greece’s Public Power Corporation (PPC) to China’s State Grid International Development (SGID) was signed in Athens on Friday.
The Chinese company won an international tender in October 2016 and the sale process was completed in record time, PPC chairman and CEO Manolis Panagiotakis noted during the signing ceremony.
Greek environment and energy minister Giorgos Stathakis welcomed the “strategic partnership”, stressing that Chinese investors had once again cast a vote of confidence in the prospects of the company and in Greece.
In early 2017, a PPC shareholders’ meeting will form the “Pubic Holding Company ADMIE” to which the operator’s shares will be transferred.
At the end of the process, the Greek state will own 51 percent of ADMIE shares, SGID 24 percent, and other investors the remaining 25 percent.
