March 22, 2019 / 3:16 PM / a month ago

Brazil government working to cede control of Eletrobras in 2019

BRASILIA, March 22 (Reuters) - Brazil’s finance secretary Luiz Carlos Rodrigues said on Friday that the government is working “firmly” to cede control of electric company Eletrobras this year, which could bring in some 12.2 billion reais ($3.13 billion) to the public coffers.

Speaking at a press conference after the government lowered its GDP growth forecast for 2019, he said this revenue estimate was “conservative.” The government is planning to issue new shares in Eletrobras to dilute its ownership to a point where it no longer holds control over the company. ($1 = 3.8930 reais) (Reporting by Marcela Ayres; Writing by Marcelo Rochabrun)

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