The financial and legal privatization advisors for public gas monopoly DEPA and Hellenic Defense Systems (HDS) have been selected, the Greek Ministry of Finance said Thursday.

"In the context of the government policy in the energy and defense sectors, the interministerial committee for asset restructuring and privatization has decided to assess the available options for the management of its holding in DEPA and HDS," the Ministry said in a statement.

The Finance Ministry has previously said it was looking for interested parties for its 65% stake in the local natural gas supplier DEPA.

George Christodoulakis, the asset privatization secretary said in September, said that there would be a separation between the network of pipelines owned by the operator named DESFA and the gas monopoly DEPA.

The state also owns 99.8% of HDS, locally known as EAS, which manufactures military hardware, including bullets, weapons, some weapons systems, as well as military vehicles for transportation.

Christodoulakis has previously stated the state would look for a strategic investor for HDS.

Greece has appointed Alpha Bank (ALPHA.AT), NM Rothschild & Sons Ltd, UBS Ltd (UBS) and Koutalidis Law Firm as its financial and legal advisors for the gas monopoly.

The committee has also decided to appoint KPMG Advisors SA and FDMA Law Firm as its financial and legal advisors for the project concerning HDS, the Finance Ministry added.

The Greek state ambitiously plans to raise EUR7 billion in privatization revenue over the next three years, to slash high budget deficits and the sizeable national debt.
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