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Piraeus Bank Sells Athens Water Supply & Sewage Share

Pireaus Bank SA sold its Athens Water Supply & Sewage Co. SA 9.9% holding to Paulson & Co. SA at 86.3 million euros, as reported by a Piraeus bank premier.

Athens Water Supply & Sewage is the nation's largest water company and is worth 1 billion euros. Greece owns 61% of the business, as stated by Bloomberg.

The Hellenic government's April 30th medium-term fiscal plan reported that it will sell its part of Athens Water Supply & Sewage Co. in 2015, in order to generate revenues for its 2.2 billion euro goal, deriving from state purchases.

Greece's second largest finance institution Piraeus Bank, bought a portion of the business when it gained the Agricultural Bank of Greece's stock two years ago. Shares of Athens Water Supply & Sewage Co. increased 4.1% at 9.68 euros today, at 3:40 p.m. GST.