SAO PAULO, March 4 (Reuters) - Brazil’s state-run electricity holding Centrais Elétricas Brasileiras SA will have to postpone the auction to sell power distribution company Celg-D due to legal requirements, a power sector expert told Reuters on Friday.
Eletrobras, as the holding is known, had scheduled the sale of Celg-D for March 31 at an auction at BM&FBovespa stock exchange. The sale could bring much-needed cash to the battered state-controlled company.
But Brazilian legislation requires companies linked to the public administration to publish a notice of the auction at least 30 days prior to the sale, said Julião Coelho, a specialized lawyer who advises power sector companies.
Reporting by Luciano Costa; Writing by Marcelo Teixeira; Editing by Chris Reese