April 7, 2017 / 2:43 PM / 9 months ago

Greece says close to concluding power grid spin-off from power utility PPC

ATHENS, April 7 (Reuters) - Greece is close to concluding a spin-off of its power grid operator ADMIE from state-controlled power utility PPC, its energy ministry said on Friday.

The move, a key term of the country’s international bailout, will boost PPC’s cash reserves by about 700 million euros ($744.03 million) in May, the ministry said in a statement.

Under the plan, PPC will sell a 24 percent stake in ADMIE to China’s State Grid for 320 million euros. Another 25 percent stake will be transferred to the state and the rest to a new entity which will be flotated.

The plan needs to be approved by the EU competition regulator. ($1 = 0.9408 euros) (Reporting by Angeliki Koutantou)

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