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Greece Announces Privatization Program
Greece plans to reduce its stake in Hellenic Telecoms (OTE), gambling company OPAP, Public Power Corporation and Public Gas Corporation.
Regarding public property, a total amount of €15b is expected to be raised in the 2011-2015 period, and €50b by 2015.
Greece plans to reduce its stake in Hellenic Postbank and Agricultural Bank (ATE) and sell the commercial department of Loans and Consignment Fund.
The country also plans to reduce its stake in Public Power Corp to 34 percent from 51% in 2012, while stake in Public Gas Corp will be reduced to 34% in 2011, according to a statement. Public’s stake in OTE is also planned to be reduced this year.
Mining and metallurgical company LARCO will be fully sold, while water supply companies will remain state-controlled with a stake owned by private investors. Additionally, there is a provision for a strategic investor in Hellenic Post in 2012.
Government announced the extension of the concession contract with OPAP by one year, while plans to sell down its stake in 2012 to raise "significant funds".
The country will also sell its holdings in casinos and call a tender for the national lottery, while the privatization of Horse Racing Organization is provided for 2012.
Greece plans to gradually reduce its stake in Athens International Airport from next year as part of its state asset sale plans.
As regards the utilization of public property, the schedule is as follows:
• March-April 2011: Appointment of consortiums for evaluation
• June 2011: Delivery of the first portfolio
- June 2011: Appointment of consultants to promote development and investment products
- June-September 2011: Legislative interventions
- October 2011 - 2012: Promotion to international markets
• December 2011: Delivery of the second portfolio and replay of the above procedure
• June 2012: Delivery of the third portfolio and replay of the above procedure
• December 2012: Delivery of the fourth portfolio and replay of the above procedure
(capital.gr)
Greece plans to reduce its stake in Hellenic Telecoms (OTE), gambling company OPAP, Public Power Corporation and Public Gas Corporation.
Regarding public property, a total amount of €15b is expected to be raised in the 2011-2015 period, and €50b by 2015.
Greece plans to reduce its stake in Hellenic Postbank and Agricultural Bank (ATE) and sell the commercial department of Loans and Consignment Fund.
The country also plans to reduce its stake in Public Power Corp to 34 percent from 51% in 2012, while stake in Public Gas Corp will be reduced to 34% in 2011, according to a statement. Public’s stake in OTE is also planned to be reduced this year.
Mining and metallurgical company LARCO will be fully sold, while water supply companies will remain state-controlled with a stake owned by private investors. Additionally, there is a provision for a strategic investor in Hellenic Post in 2012.
Government announced the extension of the concession contract with OPAP by one year, while plans to sell down its stake in 2012 to raise "significant funds".
The country will also sell its holdings in casinos and call a tender for the national lottery, while the privatization of Horse Racing Organization is provided for 2012.
Greece plans to gradually reduce its stake in Athens International Airport from next year as part of its state asset sale plans.
As regards the utilization of public property, the schedule is as follows:
• March-April 2011: Appointment of consortiums for evaluation
• June 2011: Delivery of the first portfolio
- June 2011: Appointment of consultants to promote development and investment products
- June-September 2011: Legislative interventions
- October 2011 - 2012: Promotion to international markets
• December 2011: Delivery of the second portfolio and replay of the above procedure
• June 2012: Delivery of the third portfolio and replay of the above procedure
• December 2012: Delivery of the fourth portfolio and replay of the above procedure
(capital.gr)