Greece cancels transfer of Athens Water stake to privatisations' fund

Thessaloniki Water Supply and Sewarage SA

23/02/2018 14:50

ATHENS, Feb 23 (Reuters) - Greece cancelled the transfer of 
minority stakes in utilities Athens Water  EYDr.AT  and 
Thessaloniki Water  TWSr.AT  to the country's privatisations 
agency HRADF, the finance ministry said on Friday, meaning the 
state will retain majority stakes.  
    The two utilities are on the government's state divestments 
agenda this year. Athens plans to sell minority stakes in both 
firms to help pay down public debt.  ID:nL8N1Q34ZS  
    The ministry cited a top administrative court decision as 
part of the rationale for the move. The court has ruled that it 
would be unconstitutional for the state to have a lower than 
majority stake in Athens Water.  
    As a result 16.97 million shares in Athens Water, equal to a 
15.97 percent stake, would return to government ownership, 
bringing the state's holding to just above 50 percent from 34.03 
percent.  
    The privatisation agency can sell a minority stake of 11 
percent in Athens Water from its remaining holdings.  
 
 (Reporting by George Georgiopoulos) 
 ((george.georgiopoulos@thomsonreuters.com; +30210 337 6437; 
Reuters Messaging: 
george.georgiopoulos.thomsonreuters.com@reuters.net)) 
 
Keywords: GREECE UTILITIES/STOCKS