Greece's inter-ministerial committee for privatizations approved the sale of state stakes in ELTA SA, the country's postal service, and Hellenic Vehicle Industry SA, as daily Kathimerini reported quoting Bloomberg.
Greece's state assets sales fund will decide on the sale process for as much as 100% the state owns in ELTA, which will be transferred to the sales fund at a later stage, according to the website for government decisions. Greek postal workers are due to meet on Monday to decide whether to take action against the government's decision to privatize the post office. The post office employees appear opposed to the sell-off decision and are to decide on possible protest action. The state will also sell as much as its entire 57% stake in Hellenic Vehicle Industry SA, a Greek maker of buses and military vehicles known as ELVO.
Mytilineos Holdings SA holds the remaining shares. The committee appointed I.K. Rokas & Partners as legal adviser and KPMG LLP as financial adviser for the sale. Greece's postal services market is due to be fully liberalized from January 1, according to ELTA's website.