The Greek government today has invited expressions of interest for the privatisation of a majority stake in the Thessaloniki Water Supply and Sewerage company, better known by its local acronym of EYATH.
The authorities currently own 74 percent of the publicly listed vehicle through the Hellenic Republic Asset Development Fund and plan to sell 51 percent to the private sector “through an international public competitive tender process,” the government said. Suez Environnement owns 5 percent of EYATH, with the remaining shares in free float.
EYATH currently holds exclusive rights to provide water and sewerage services to the greater urban Thessaloniki region. The company has a 30-year concession for the provision of these services, although there is scope to amend the concession agreement after the 51 percent stake sale concludes, the government explained.
Investors have until April 19 to submit expressions of interest for EYATH, which currently has a market capitalisation of around €226 million. The government will then shortlist bidders and ask them to submit binding offers, after which a preferred bidder will be selected. The sale should be completed by the last quarter of 2013.
To access the request for expressions of interest document, please click here.