Greece plans to cut stake in power company PPC, state-backed funds say

ATHENS, Sept. 23 (Reuters) – Greece is considering reducing its 51% stake in the country’s largest electricity company, PPC (DEHr.AT), two state funds that hold a stake in the company said Thursday.

The Hellenic Asset and Shareholding Company (HCAP) and its subsidiary Hellenic Republic Asset Development Fund (HRADF) are the main shareholders of PPC, with 34% and 17% respectively.

PPC, which by its own estimate provides around 65% of Greece’s electricity production and supply, said on Thursday it would consider a € 750 million capital increase, which it would put to a vote when of an extraordinary general meeting on October 19. .

HCAP and HRADF were considering reducing their stake to a combined blocking minority stake, they said in a statement. It would be subject to market conditions, they said.

The aim was to “achieve a larger and more active float and enhanced private participation” that will allow long-term value creation for the company, its shareholders and society, the two funds said in a statement.

Writing by Michele Kambas Editing by Chris Reese and Steve Orlofsky

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