BRASILIA, Jul 14 (NNN-CMA) – Brazilian President, Jair Bolsonaro, signed into law yesterday, a bill approved by Congress, that paves the way for the privatisation of state-owned electric utility company Eletrobras, according to the country’s Official Gazette.
Among other measures, the regulatory framework will include the issuance of new Eletrobras shares, to be sold on the private market, with the government waiving its subscription right, which will lead to the diluting of its current 61 percent stake in the company.
The company’s privatisation, which was approved by Congress on Jun 21, is expected to be completed by Jan, 2022, after the National Council for Energy Policy, defines the fundamental premises for the privatisation model.
Eletrobras, a publicly traded company, is responsible for the generation and distribution of electric power in Brazil.
