Brazil's Eletrobras' privatization offer could happen by June -CEO

1 minute read

The logo of Brazil's state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. REUTERS/Paulo Whitaker

Register now for FREE unlimited access to

SAO PAULO, May 17 (Reuters) - Brazil state-run power company Eletrobras (ELET6.SA) could be privatized as soon as June although the deadline to carry the share offering on the basis of its first-quarter financial results is in mid-August, the company's Chief Executive Rodrigo Limp said on Tuesday.

In a conference call, the executive also said the company does not see impacts to the privatization resulting from the capital increase of 1.5 billion reais in Santo Antonio Energia, of which Eletrobras is the main shareholder.

Brazil audit court TCU is set to resume on Wednesday its latest analysis on Eletrobras' privatization and the outcome is still not clear, although the expectation is positive, Limp said.

He did not comment on specific dates for the next steps of the offer after the potential approval, such as the road show for investors and the release of the offer prospectus.

Regarding the time frame for the share offer, he reiterated that the best scenario is to carry it out "in the shortest time possible".

Register now for FREE unlimited access to
Reporting by Letícia Fucuchima; Editing by David Gregorio

Our Standards: The Thomson Reuters Trust Principles.