Greece’s Public Power Corporation is expected to complete a share capital increase plan worth around 750 million euros by early November, following a decision reached by its board on Thursday. At the same, time, it looks as if the state participation will decrease by 17%.
Final approval to the plan is expected to be given by PPC’s shareholders during a general meeting scheduled for October 19, while the board has already begun contacts with international investors and marked significant interest in the plan.
The money to be raised will be used to finance PPC’s investment program, designed to reach 8.4 billion euros by 2026. Under the plan, the share capital increase scheme is recommended to exclude shareholders’ rights, although a distribution mechanism to offer new shares to existing shareholders could be used, state-run news agency amna reported.
According to naftermporiki, the share capital increase, will most likely will be combined with a reduction of the State participation from 51% that it controls in PPC (Superfund 34%, HRDH 17%), to a minority percentage of decisive (blocking minority), at the level of 34% .