A Eletrobras (ELET3) spoke this morning (1) regarding the news of the sale of his stake in ISA Cteep (TRPL4).
Through a statement sent to the Securities and Exchange Commission (CVM), the company informs that its board of directors has authorized the structuring of a possible secondary offering of preferred shares issued by the issuer, but that, to date, there is no definition regarding its terms and conditions, including the number of shares to be offered or the price per share.
Eletrobras reiterated that, at this moment, “it is evaluating the potential offer, among the various options analyzed to sell its minority shares, such as direct sale on the stock exchange, block purchase, asset exchange, etc.”
It further said that the potential offering is “not substantial, as it would represent approximately 2% of the company’s total assets.”
Also according to the company, “the potential public offering will be subject to obtaining applicable internal approvals of Eletrobras, as well as national and international political and macroeconomic conditions and investor interest, among other factors outside the control of Eletrobras and, if approved, will be registered and conducted in accordance with applicable legislation and regulations.”
It is worth mentioning that the company currently holds a share of 35.74%. ISA Cteep (TRPL4), of which 9.73% common shares and 52.48% preference shares.
Eletrobras had already carried out a similar operation in mid-September, when it sold its stake in Copel (CPLE6) for the sum of R$125 million.
In addition, the company reduced the number of special purpose entities (SPEs), transformed subsidiaries into wholly owned subsidiaries, announced divestments in thermal plants, reduced its workforce and sold its position in other companies considered non-strategic.
Eletrobras aims for a larger stake in other companies
At the same time, Eletrobras aims to become the majority shareholder of companies that it considers strategic, such as Linhão de Roraima, with which it has signed an agreement with Alupar (ALUP11) assume controlling interest.
After rumors of a divestment, Eletrobras reiterated that it will seek to reduce its minority stakes, underlining that its participation in Cteep it is not material to the company, as it represents only about 2% of its assets.
ISA Cteep is the second largest energy transmitter in Brazil, operating in 18 states and managing a network of 28,000 kilometers of transmission lines that transport a significant portion of the country’s electricity.
Rui Chammas, president of ISA Cteep – whose shares will be held by Eletrobras sold soon – highlighted that the company plans to invest approximately R$15.6 billion in power transmission projects by 2028, including tender projects and improvements to existing infrastructure.
Eletrobras stock performance
Source: Terra
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