ADMIE stake passes into Chinese hands
China’s State Grid Corporation (SGCC), the world’s biggest utility, on Friday signed the purchase of a minority stake in Greece’s power grid operator ADMIE, China’s second big investment in the debt-laden country in a matter of months.
ADMIE was fully owned by Greece’s state-owned power utility Public Power Corporation (PPC).
Shareholders of PPC cleared last month the 320-million-euro sale of a 24 percent stake in the operator to SGCC.
The deal comes after Greece sold a 51 percent stake in its biggest port, Piraeus, to China’s biggest shipping company, Cosco Shipping, for 280.5 million euros earlier this year.
In a signing ceremony in Athens, SGCC said Greece was a market of strategic importance and its investment in ADMIE, Greece’s independent power transmission operator, would boost the company’s prospects.
“We made huge efforts, we overcame many difficulties to come to this historic moment,” said SGCC’s chief executive officer Kou Wei.
You may be interested
PM Mitsotakis cites Greek Constitution to back mandatory vaccinationsmakis - Jul 23, 2021
Prime Minister Kyriakos Mitsotakis cited the Greek Constitution in response to those opposing mandatory Covid-19 vaccination during his meeting with…
Who Has Spent The Most Time In Space? (infographic)Panos - Jul 22, 2021
As Russia celebrates 60 years since Yuri Gagain became the first person to orbit the Earth, the state of space travel looks…
What Do Americans Think Of Famous Billionaires? (infographic)Panos - Jul 22, 2021
Hot on the heels of fellow billionaire Richard Branson, Amazon founder Jeff Bezos is set to blast into space. He…