Greek PPC’s renewables arm to launch EUR-13.6m capital hike

Oct 30, 2013 - Greek utility Public Power Corp (ATH:PPC) said yesterday it would boost the share capital of its renewables unit by over EUR 13.6 million (USD 19m).

The power producer said its board of directors had greenlighted the capital increase plan. Under the scheme, PPC Renewables, which operates wind, small hydroelectric, solar and geothermal power plants, will issue 13.6 million new shares with a nominal value of EUR 1. The stock will be offered at a price of EUR 3.20 apiece. In addition, the parent company will also establish a share premium reserve of nearly EUR 30 million for its renewables subsidiary, it said.

At the end of August, PPC Renewables said it had booked a first-half net profit of EUR 4.3 million, rising from EUR 3.2 million a year earlier. Revenues increased to EUR 13.9 million from EUR 11.4 million.

(EUR 1.0 = USD 1.374)

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