Greek firm approves sale of grid operator stake to China's State Grid

Workers check the transmission equipment at a wind power farm in Chuzhou, Anhui province. [Photo/China Daily]

ATHENS - Greece's Public Power Corporation (PPC) on Thursday cleared the sale of a 24 percent stake in the Greek power grid operator ADMIE to China's State Grid International Development, Greek national news agency AMNA reported.

The approval came in an extraordinary general assembly for shareholders.

The Chinese company won an international tender in October this year and was declared the preferred bidder by offering 320 million euros ($340 million).

According to the timetable, which has already been ratified by the Greek parliament, the formal signing ceremony for the transfer of the stake will be held in early 2017.

The sale of the stake in ADMIE was carried out in the framework of the Greek bailout program and wider efforts for the liberalization of the Greek energy market.