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October 28 (Renewables Now) - Australia-based diversified distribution group Selath Holdings Sarl will buy at least 10% of PPC SA (ATH:PPC) under the Greek power utility’s share capital increase plan aimed at backing its renewables spending strategy.
PPC said in a bourse filing on Tuesday it has signed a cornerstone investment agreement with Selath that will see the Aussie group invest some EUR 395 million (USD 459.6m) to buy PPC equity. The investor has proposed to take part in PPC’s planned share issue by subscribing for shares at a price not exceeding EUR 9 apiece.
Selath will use capital managed by CVC Advisers Greece SMSA and its subsidiaries. It will have a six-month lock-up period following the investment.
PPC’s shareholders approved the company’s plan for a EUR-575.4-million capital increase last week. The plan involves the issue of up to 232 million common shares. In September, the Greek utility said it considers launching a EUR-750-million share sale to support its capital expenditure plan for 2022-2026 via which it aims to grow its installed renewables fleet to 9.1 GW. The offering will be held among Greek and international investors.
(EUR 1.0 = USD 1.163)