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Brazil's Eletrobras to start selling stakes in ventures in October
September 28, 2017 / 12:05 AM / 19 days ago

Brazil's Eletrobras to start selling stakes in ventures in October

RIO DE JANEIRO, Sept 27 (Reuters) - Brazil’s state-run utility, Centrais Eletricas Brasileiras S.A., the country’s largest, will start selling stakes in dozens of ventures such as wind farms and transmission lines in October, Chief Executive Wilson Ferreira Jr. said on Wednesday.

The board of directors will analyze the proposals on Friday, he said at a business conference in Rio de Janeiro.

Over the next six months, the utility, known as Eletrobras, plans to sell stakes in 77 of the 178 specific purpose ventures that it is involved in, he said.

Eletrobras informed shareholders that it had received studies by state development bank BNDES on how best to privatize the utility’s distribution companies Companhia Energética de Alagoas (Ceal), Companhia Energética do Piauí (Cepisa), Companhia de Eletricidade do Acre (Eletroacre), Amazonas Distribuidora de Energia S.A., Boa Vista Energia S.A. Vista) and Centrais Elétricas de Rondônia S.A. (CERON).

Eletrobras Chief Financial Officer Armando Casado de Araujo said in a statement that the studies still have to be approved by the utility’s Investment Partnership Program council which will decide on the conditions.

Eletrobras will then call an extraordinary shareholders meeting to consider the privatization formula, he said. No date has been set for that meeting.

Reporting by Rodrigo Viga Gaier; Writing by Anthony Boadle; Editing by Richard Chang

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