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    PPC   GRS434003000

PUBLIC POWER CORPORATION S.A.

(PPC)
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Public Power S A : Greek power utility PPC gets shareholder approval for stake sale

10/19/2021 | 06:16am EST

ATHENS, Oct 19 (Reuters) - Greece's largest power utility Public Power Corp. (PPC) on Tuesday received shareholder approval for a share offering that will see the state lower its controlling stake to a blocking minority.

PPC plans to launch a non-preemptive share offering to institutional and domestic retail investors later this month, aiming to raise about 750 million euros ($874 million).

he plan, put to vote at a virtual shareholders' meeting on Tuesday, was approved by an overwhelming majority.

Two state-backed funds, which hold a combined 51% in PPC, have said they plan to reduce their stake to a blocking minority by not taking part in the offering to allow more private investors to step in and boost the free float for the utility.

PPC's workers walked off the job on Tuesday to protest against the funds' decision, which they say would weaken the utility's welfare policy at the expense of Greek households who face hefty power bills amid spiking energy prices.

But the utility has been firm on its plan, saying it will use the proceeds to ramp up its renewable energy capacity as it switches off its coal plants, part of Greece's binding plan to cut it carbon footprint in line with the Paris agreement for lower greenhouse emissions.

The shift to renewables is also expected to boost PPC's operating profit to 1.7 billion euros by 2026 from nearly 900 million euros last year.

Shareholders also approved the sale of a 49% stake in Greece's sole power grid operator HEDNO, which is fully owned by PPC, to Macquarie.

($1 = 0.8578 euros) (Reporting by Angeliki Koutantou Editing by Mark Potter)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MACQUARIE GROUP LIMITED 1.47% 198.56 End-of-day quote.43.39%
PUBLIC POWER CORPORATION S.A. 1.53% 9.6 Delayed Quote.27.25%
All news about PUBLIC POWER CORPORATION S.A.
11/30PUBLIC POWER S A : 9M2021 Financial Results presentation
PU
11/30Public Power Corporation S.A. Reports Earnings Results for the Nine Months Ended Septem..
CI
11/30PUBLIC POWER S A : PPC Group 9M/Q3 2021 financial results
PU
11/25PUBLIC POWER S A : Clarifications on the items of the EGM
PU
11/24PUBLIC POWER S A : Invitation to an extraordinary general meeting of the shareholders of p..
PU
11/24PUBLIC POWER S A : Release date of 9M2021 financial results
PU
11/22PUBLIC POWER S A : Announcement - Regulated Information according to L. 3556/2007
PU
11/20PUBLIC POWER S A : Announcement - Regulated Information according to L. 3556/2007
PU
11/12PUBLIC POWER S A : Announcement regarding the admission to trading of the new shares issue..
PU
11/10Outcome of the offering of New Shares for the Share Capital Increase of PPC S.A.
PU
More news
Analyst Recommendations on PUBLIC POWER CORPORATION S.A.
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Financials
Sales 2021 5 118 M 5 785 M 5 785 M
Net income 2021 80,5 M 91,0 M 91,0 M
Net Debt 2021 2 082 M 2 353 M 2 353 M
P/E ratio 2021 192x
Yield 2021 -
Capitalization 3 667 M 4 147 M 4 145 M
EV / Sales 2021 1,12x
EV / Sales 2022 1,01x
Nbr of Employees 13 103
Free-Float 48,9%
Chart PUBLIC POWER CORPORATION S.A.
Duration : Period :
Public Power Corporation S.A. Technical Analysis Chart | PPC | GRS434003000 | MarketScreener
Technical analysis trends PUBLIC POWER CORPORATION S.A.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 5
Last Close Price 9,60 €
Average target price 13,86 €
Spread / Average Target 44,4%
EPS Revisions
Managers and Directors
Georgios Stassis Chairman & Chief Executive Officer
Alexandridis Konstantinos Chief Financial Officer
George Venieris Independent Non-Executive Director
Despina Doxaki Independent Non-Executive Director
Stephanos Theodoridis Independent Non-Executive Director
Sector and Competitors
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