Greece, PPC announced the successful completion of its share capital increase

, SEE Energy News

Greek Public Power Corporation (PPC) announced the successful completion of its share capital increase, attracting bids worth more than 4 billion euros, compared with the asked amount of 1.35 billion euros.

PPC CEO George Stassis said that the completion of the process of a combined offer in the framework of a share capital increase plan with particular success both in Greece and abroad, offered proof of the confidence of the investment community in PPC’s prospects and the prospects of the Greek economy more generally. According to him, this transaction is a landmark for PPC as it will allow it to speed up its transformation program and its investment plan in renewable energy sources, aiming to significantly raise operating profitability. It will also contribute to achieving the goals set out in the framework of energy transition for PPC’s transformation into an environmentally sustainable and digital energy company.

90 % of investors participating in the share capital increase were long-term strategy capital and that among the investment funds included were: CVC, Oak Hill, EBRD, BlackRock, Fidelity, Wellington, Helikon, Covalis, GAMA, Discovery, Zimmer, Kayne Anderson, T Rowe, Millennium Partners, Hengistbury Inv. Partners, Light Sky, JNE Partners, Ghisallo Capital, Fiera Capital and Schronfeld Strategic Advisors. Foreign investors accounted for 87 % and domestic for 13 %.

The stake of Greek stake in PPC dropped from 51 to 34 %, for the first time in the company’s 70- year history. Foreign investors now hold an overall 50 % stake in PPC, up from 27 %, while domestic stakeholders have a 16 % share.