Brazil to cut its stake in Eletrobras to 45% from 61% in privatization – energy secretary | Instant News


SAO PAULO, February 24 (Reuters) – The Brazilian government will cut its stake in power company Centrais Eletricas Brasileiras SA, or Eletrobras, to 45% from the current 61% in the planned privatization process, a senior official at the Energy Ministry told Reuters. Wednesday.

The ministry’s Energy Secretary Rodrigo Limp said the government expects its stake in Eletrobras to double in value to 60 billion reais ($ 11 billion) with the increase in share price that privatization hopes will bring.

President Jair Bolsonaro presented a bill to Congress on Tuesday that would accelerate the divestment in Brazil’s biggest utility.

$ 1 = 5.4062 reais Reporting by Luciano Costa, Editing by Rosalba O’Brien

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