April 3, 2019 / 7:02 PM / 3 months ago

Brazil's Cemig considering Light follow-on offering -director

BRASILIA, April 3 (Reuters) - Cia Energetica de Minas Gerais , Brazil’s second-largest utility, is considering a follow-on offering of its Rio de Janeiro-based distributor Light SA before mid-year, Cemig director Daniel Faria Costa said on Wednesday.

“We want to speed up this (divestment) process,” Costa told investors on a conference call. He said the format for selling its controlling stake in Light has not been decided, but a follow-on share offering was most probable.

“We are seeing considerable interest in this asset,” Costa said.

Renova Energia, in which Cemig, Light and RR Comerc have a controlling bloc of shares, should also complete by mid-year the sale of its wind farm under construction in the state of Bahia to AES Tiete, he said.

Cemig, whose shares rose 75 percent over the last 12 months, believes the sale of Renova Energia’s Alto Sertão III wind farm and restructuring of its debt will allow a “definitive solution” to that company’s financial issues, Costa said. (Reporting by Luciano Costa; Writing by Anthony Boadle; Editing by Richard Chang)

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