According to the new shareholders’ agreement, State Grid Corporation of China (SGCC), which has won on the tender for the purchase of 24 % stake in Greek electricity transmission system operator ADMIE, will also acquire administrative rights in the company, including the right to veto important decision and it would offered first choice if additional stake in ADMIE should be sold at some point In the future.
The agreement stipulates that the Managing Director of the company will be appointed with the written approval from SGCC. If there is some disagreement regarding the position, ADMIE will have to propose three new candidates and SCGG will be required to select one of them within seven days. The agreement also allows the Chinese company to opt out of ADMIE within six months due to failure to reach a friendly settlement in case of a disagreement with the Greek state, which means that the investor could even create an artificial crisis at ADMIE if it wanted out.
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Tags: ADMIE, electricity, electricity transmission, Greece, privatization, SGCC