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June 2006 - PPC establishes an energy holding company with the US-based
Contour Capital and the European Investment Bank aiming to expand in Balkans.
PPC and Contour Capital will participate by an equal 45% in
the new holding company.
According to sources close to the matter,
Orascom is interested in increasing its stake in Tellas.
PPC establishes an Energy Corporate Venture Fund with the US-based
Contour Capital and the European Investment Bank (EIB) aiming to expand in
Balkans.
PPC and Contour Capital will jointly hold a 45% stake, while
EPRD will participate with a remaining 10%.
Tthe initial share
capital of the new fund will reach €600m and will invest in power plants, mines
and electricity networks based in Balkans and South Eastern European
countries.
Regarding Orascom-Tellas, the potential increase of
Orascom’s stake in Tellas will take place through a share capital increase.
Sources close to the matter mentioned that Orascom, that controls 50%
(plus 1share) of Tellas, could be interested in the entire stake of Tellas it
does not control, in case PPC wants to divest.
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