Skourletis: “The ADMIE sale will not put DEI sustainability at risk”
The Minister of Environment and Energy Panagiotis Skourletis argued that the sale of the independent power transmission…
The Minister of Environment and Energy Panagiotis Skourletis argued that the sale of the independent power transmission operator (ADMIE) will be carried in such a way that it will not risk the sustainability of DEI. Mr. Skourletis made the comment at a conference on the energy market organized by at the Athens Chamber of Commerce and Industry.
According to Mr. Skourletis, after ADMIE is separated from DEI, all shares will be transferred to the Hellenic State, which will hold onto 51%, while 29% of shares will be sold via the stock market and the other 20% will sold directly to a strategic investor with experience in the management of networks. The whole process is expected to conclude by the end of 2016.
The majority of the privatized ADMIE’s governing board will be controlled by the State, while the managing director will be mutually-agreed. Furthermore, the Minister explained that DEI would be paid from the sale proceeds and 10% of profits before taxes (EBITDA) for a set amount of years.