July 22, 2016 / 9:37 PM / 2 years ago

Brazil's Eletrobras takes steps to exit control of distribution firms

SAO PAULO, July 22 (Reuters) - Brazil’s Centrais Elétricas Brasileiras SA on Friday took a series of steps to facilitate the process of exiting control of as many as six power distribution companies, as the country’s state-controlled power utility seeks to downsize in an effort to reduce its debt.

In a securities filing, Eletrobras decided to scrap the extension of operating licenses for the distribution companies while approving a plan to transfer control to an eventual buyer by the end of next year. The company also formalized the election of the company’s seven board members. (Reporting by Guillermo Parra-Bernal)

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