Public Power Corp dismisses newspaper report it needs funds

Shares in PPC dropped 17% on Thursday after Kathimerini newspaper reported that the utility needed to secure fresh funds of about 300 million euros by the end of the month to avert banks from calling in loansReuters  |  June 21, 2019, 08:02 IST
Public Power Corp dismisses newspaper report it needs funds ATHENS: Public Power Corp (PPC) , Greece's dominant power utility, on Thursday dismissed a newspaper report saying it urgently needed funds.

Shares in PPC dropped 17% on Thursday after Kathimerini newspaper reported that the utility needed to secure fresh funds of about 300 million euros by the end of the month to avert banks from calling in loans.

PPC, which is 51% state-owned, posted a large loss for 2018 but CEO has said the factors behind the results were one-off and the utility can turn profit this year.