The Greek government Friday transferred a 17% stake in the Public Power Corp. SA (PPC.AT) to the country’s privatization agency, paving the road for the sale of the stake in the state-owned power monopoly as part of the country’s delayed privatization plan.
“PPC announces the transfer from the Hellenic Republic of the voting rights of 39,440,000 shares of PPC [namely 17%] to the Hellenic Republic Asset Development Fund,” the company said in a bourse filing.
Following the transfer the state has voting rights of 34.1% in PPC, while HRADF has 17%.
The country’s privatization program is a key part of a broader plan put together by Greece’s international creditors to slash its massive debt and help the country avoid default.
(source: dow jones)
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