ATHENS — Public Power Corporation will hold a majority of seats in the board and management of Hellenic Electricity Distribution Network Operator, with HEDNO having the option of listing its shares in the stock market and implementing an already approved business plan for the period until 2028, according to a shareholders' agreement reached between PPC and Macquarie -the preferred investor in a tender to buy 49 pct of HEDNO's equity capital.
The sale is expected to be approved by an extraordinary shareholders' meeting scheduled for October 19. According to the shareholders' agreement, HEDNO's board will have 11 seats, six occupied by PPC, 4 by the investor and 1 by workers. PPC will appoint the CEO and COO while the investor will appoint the CFO. The investor will have the right to veto decisions that neither significantly affect the operation of the company nor prevent PPC from controlling the company. Dividend payments will be the larger sum between either 85 million euros or 95 pct of net profits for the previous year, while the investor will be allowed to transfer its shares for a period of three years. After five years, the investor can ask for the listing of HEDNO's shares in the stock market.