PPC approves ADMIE spin-off

Shareholders of Greece's electricity utility Public Power Corporation (PPC) approved late on Tuesday the transfer of a 51 percent stake in the power grid operator ADMIE, part of a spin-off scheme, which is a major term in Greece's bailout program.

Under a legislated scheme aiming at keeping ADMIE under state control, PPC will sell a 24 percent stake to China's State Grid for 320 million euros and set up a special vehicle to transfer a cost-free 51 percent stake to the state and existing private shareholders.

"The extraordinary PPC shareholders meeting approved the procedures in order to conclude ADMIE's spin-off," the Energy Ministry said in a statement.

ADMIE is fully owned by Greece's state-controlled electricity utility PPC and Athens has agreed to conclude the plan by the end of March or fully privatize the grid this year.

Shareholders were due to...