The board of directors of Eletrobras has decided to propose to the shareholders the incorporation of shares of the subsidiaries Chesf, CGT Eletrosul, Furnas and Eletronorte, according to a material fact to the market published this Monday.
“From the point of view of the shareholders of Eletrobras, this transaction… unlocks extremely significant levers of value related to the management and organization of these subsidiaries, which will ultimately be reflected in the expectation of future appreciation and profitability of the same Eletrobras,” the company said.
The board of directors of Eletrobras specified that the merger proposal provides for the exchange of no. 7.9948 Eletrobras ordinary shares for each Chesf preference share. In the case of Furnas, the ratio is 0.0082 Eletrobras ON shares per ON or PN share of the subsidiary. For CGT Eletrosul, 0.00037 ON Eletrobras shares for each share of the stake and with Eletronorte the proposed exchange is 2.8155 ON Eletrobras shares for each share of the company.
PNA RESCUE
The board of Eletrobras will also propose, at the extraordinary shareholders’ meeting scheduled for January 5, the redemption of all the class A preference shares of the company, without reducing the share capital.
Eletrobras’ PNA shares represent 0.006384 percent of Eletrobras’ share capital, the company said. The proposal provides for the reimbursement of 48.4502 reais per share and the consequent cancellation of the shares.
“The company’s management clarifies that the decision to repurchase PNA shares was based on the authorization required by the articles of association and aims to streamline and simplify the shareholding structure, as well as reduce compliance costs,” the company said.
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Source: Terra
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
