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
Greece: 7,000 applications for adult moviesPanos - Jun 23, 2021
After the first casting of the newly formed production company SugarBabes.tv in September 2019 and the endless queues of about…
Menendez Bill passed unanimously & goes to Senate for approvalPanos - Jun 23, 2021
The new bill on US-Greek defense cooperation was approved by the Senate Foreign Relations Committee with universal support. Now the…
Signatures for Line 4 of the Metro – Mitsotakis: The country is turning the page (videos)Panos - Jun 23, 2021
The signatures for the biggest construction project that is taking place after Attiki Odos, fell tonight in Galatsi, where in…