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Centrais Eletricas Brasileiras S A Eletrobrás : Brazil creates state-run company to control some Eletrobras assets

09/13/2021 | 09:39am

SAO PAULO, Sept 13 (Reuters) - Brazilian President Jair Bolsonaro has signed a decree to create a state-run company to control Eletrobras assets that cannot be sold in the power company's privatization, the presidential press office said late on Sunday.

The Itaipu hydroelectric power plant and the nuclear plant in Angra dos Reis are among the assets that would be held by the new company called ENBpar, according to the decree.

The new company will have a 4 billion real ($765.5 million) budget, Brazil's Economy Ministry said in a statement on Monday.

The creation of a state-controlled company had been expected after it was included in the bill that allows Eletrobras to be privatized.

Eletrobras said in a securities filing on Monday that the way the assets would be segregated is still being evaluated by Brazil's state development bank and must be approved at an Eletrobras shareholder meeting.

The government expects to complete the Eletrobras privatization process in early 2022, aiming to raise about 100 billion reais ($19.1 billion).

($1 = 5.2454 reais) (Reporting by Gabriel Araujo Additional reporting by Roberto Samora Editing by David Goodman and Mark Potter)

© Reuters 2021
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