Brazilian power company Eletrobras on Tuesday approved the recruitment of financial institutions to structure a potential offer to sell its preferred shares in electricity transmission company ISA Cteep.
The company said it would hire Citigroup, Itau BBA, Safra and XP Inc to structure the deal.
Eletrobras owns 52.48% of ISA Cteep’s preferred shares, as well as 9.73% of its ordinary shares. The company did not mention common stock in its filing.
The power company said it was evaluating the potential stock offering, among other options for divestment of minority stakes, which include a direct sale on the stock exchange, block swaps and asset swaps.
In September, the company sold a stake it held in Copel for 125.3 million reais. (Reporting by Patricia Vilas Boas and Andre Romani; Editing by Tom Hogue)
2023-11-01 04:57:16
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