The energy ministry tabled an amendment yesterday detailing a series of pending issues concerning the bailout-required split of power grid operator IPTO from its parent company PPC.
The amendment’s content includes instructions on how PPC should be paid by the Greek State for its acquisition of a 25 percent stake of IPTO. The Greek State’s stake in the operator will be transferred to a new state-controlled IPTO company.
The amendment includes provisions preventing the transfer of any shares from the new IPTO firm to TAIPED, the state privatization fund. As a result, a 34 percent stake held by the Greek State and a 17 percent already held by TAIPED will need to be transferred to the new state-controlled IPTO company.
As for PPC’s sale of a 25 percent share of IPTO to the Greek State’s new IPTO company, the amendment includes a provision for an independent evaluation of this acquisition.
Once the new state-controlled IPTO company has been established, the Greek State will need to deposit 200,000 euros as initial equity capital. An equity capital increase must then follow for a lift to the equity level determined by the independent evaluation.
The new state-controlled IPTO company will be funded by the Greek State for its payment obligations to PPC for the 25 percent acquisition of the operator.