Public Power Corporation (PPC) said yesterday it would make a joint
bid with Greek shipping group Restis for a stake in Montenegro’s power
monopoly EPCG, as part of plans to expand abroad.
“The decision
was taken in line with PPC’s strategy to seek revenue growth through
expansion in Southeastern European countries,” the company said in a
bourse filing.
PPC and Restis unit GoldenEnergy One Holdings will
seek to acquire up to 45 percent of EPCG through direct share purchases
and participation in a share capital increase.
EPCG, a vertically
integrated power company, runs electricity plants with an installed
capacity of 868 megawatts and has more than 320,000 clients.
Shares
in PPC, which has a market value of 3.6 billion euros, advanced 0.71
percent on the Athens bourse yesterday to 15.51 euros, versus a 3.12
percent advance on the broader market.
(from "KATHIMERINI" English edition, 15/07/2009)