A Public Power Corporation (PPC) board meeting on Wednesday approved a plan for the spin off of its lignite power units in Megalopoli and Florina and the launch of an invitation for the expression of interest in an open, international, bidding tender for their sale.

More specifically, the board decided the separation of two sectors of lignite production, including the workforce, and the creation of two companies under the names ?Meliti Power Lignite SA? (with an equity capital of 13,200,000 shares of a nominal value of 4.0 euros each) and ?Megalopoli Power Lignite SA" (with an equity capital of 24,782,500 shares of a nominal value of 4.0 euros each).

The board also approved the company’s balance sheet reports and both the text and the terms of a new three-year business collective labour agreement.