PPC S.A. announces that its Board of Directors decided today the nomination of the Chinese Company State Grid International Development Ltd as the preferred bidder for the sale of 24% of PPC’s participation in the share capital of IPTO S.A. for an amount of € 320 m.
The decision of the Board of Directors took into account the Fairness Opinion submitted by Barclays, according to which the price is considered as fair and the tendering process as objective and transparent. Barclays had been appointed by PPC following a tendering process.
In addition, during the meeting of the Board of Directors, a valuation report for IPTO S.A. was presented by the financial advisors HSBC Bank plc, Citigroup Global Markets Limited and NBG Securities, which had been submitted on October 20, 2016, that is prior to the submission of bids. The report was conducted using various, internationally accepted valuation methods.
The final decision will be made by the Shareholders’ General Assembly on November 24, 2016.
Athens, October 31, 2016
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