RIO DE JANEIRO, BRAZIL – Brazil’s government will cut its stake in power company Centrais Eletricas Brasileiras SA , or Eletrobras, to 45% from its current 61% in a planned privatization process, a senior official in the Energy Ministry told Reuters on Wednesday, February 24th.
The ministry’s Energy Secretary Rodrigo Limp said the government expects its stake in Eletrobras to double in value to R$60 billion (US$11 billion) with the share price rise that it expects privatization will bring.
President Jair Bolsonaro delivered a bill to Congress on Tuesday that will speed up divestiture in Brazil’s largest utility.