Eletrobras has registered a 30% drop in market value since Luiz Inácio Lula da Silva’s election in October 2022.
On Friday (12(, the company was valued at R$80.5 billion (US$16.4 billion), while its common shares closed at R$35.3 (US$7.19).
The information is from the Poder360 website.
The Ibovespa, Brazili’s main Stock Exchange index, fell 6.5% in the same period, while the Electric Energy Index (IEE), which considers the sector’s main assets, slightly increased by 0.08%.
President Lula has been a critic of the privatization of Eletrobras and defended the re-nationalization of the company during the capitalization process in 2022.
Since he assumed the presidency, his criticism has intensified.
In an event in Fortaleza (CE) on Friday, Lula reaffirmed his position against privatization, calling it “something of homeland harm” and highlighting the need to denounce the rules imposed by the government.
Lula also mentioned the government’s initiative to increase participation in the Eletrobras Board of Directors.
The PT management is seeking in the Federal Supreme Court (STF) to be entitled to 43% of the seats.
The government holds 43% of the company’s shares but only one seat on the board.
On May 5, the Federal Attorney General’s Office (AGU), under Lula’s leadership, filed a lawsuit with the STF challenging the 10% limit on the Union’s voting rights at Eletrobras.
LULA IS AGAINST PRIVATIZATION OF ELETROBRAS
Eletrobras was privatized in June 2022, during the government of former president Jair Bolsonaro.
This occurred by means of a stock market capitalization, which resulted in the issuance of new shares and the reduction of the Union’s shareholding.
Thus, Eletrobras became a “corporation”, and the shareholders’ voting power was limited to 10%.
The Union lost control of the company despite owning about 40% of the shares.
With information from Revista Oeste
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