The board at power utility PPC board has decided to proceed with a 1.8 million-euro capital injection into the utility’s North Macedonia-based energy firm EDS in order to bring to equilibrium a negative balance and fully maintain the firm’s 2.5 million-euro line of credit following a request by NLB, one of the electricity supplier’s banking partners.
The PPC board also decided to change the legal status of EDS from a single-member limited liability company (SMLLC) to a public limited company (S.A.), the intention of this move being to establish more effective control over the electricity supplier and bolster its negotiating strength when dealing with financial institutions.
The PPC board meeting, held yesterday, was the final session headed by outgoing chief executive Manolis Panagiotakis, who submitted his resignation shortly after the conservative New Democracy party’s victory in the July 7 legislative election. Panagiotakis is being replaced by Giorgos Stassis, formerly the CEO of the Enel corporate group’s Romanian subsidiary.
PPC bought EDS last year for a sum of 4.8 million euros. Prior to its acquisition by the Greek power utility, EDS, previously owned by the neighboring country’s deputy Prime Minister Koco Angjushev, was a limited liability company (LLC).
Since the acquisition, PPC has taken a series of initiatives in an effort to upgrade EDS to European standards.