Eletrobras is in the process of privatization by increasing its capital
Brazil Agency – Decree was issued on Friday (1), in an additional edition of The official diary of the Federation, Organized the sale of shares of Centrais Elétricas Brasileiras SA (Eletrobras) owned by the National Bank for Economic and Social Development (BNDES) and its subsidiaries, in particular those owned by BNDES Participation SA – BNDESPAR.
Eletrobras is in the process of privatization through an increase in its capital, and according to the law that authorized this process, this may be accompanied by a secondary offering of shares owned by the federal government or by a company directly or indirectly controlled by it.
The union directly owns 51.82% of Eletrobrás’ common stock, according to information referring to the third quarter of last year. With privatization, there will be an increase in capital, with the initial offering of shares, which consists in the sale of new shares in the market. The intent is that the amount of stock held by private entities is enough to dilute the federal government’s involvement, so that they no longer control the company.
If the initial offering of shares is not sufficient for this purpose, the law permits a secondary offering of shares held by the Federal Public Administration, such that the Federal Government loses the majority of the voting capital of the Eletrobras. This is the purpose of this decree, which will sell about 16.78% of the total shares of Eletrobras common that were held by BNDES and its subsidiaries.
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