May 23, 2018 / 1:31 PM / a year ago

Eletrobras shares sink after Congress decision on privatization decree

SAO PAULO, May 23 (Reuters) - Shares of Brazil’s state-run power company Eletrobras fell over 9 percent in early trading after a Congressional decision late on Tuesday to not vote on one of the decrees regarding the privatization of the company and some of its subsidiaries.

The head of Brazil’s lower house, Rodrigo Maia, said it would not put for a vote a presidential decree outlining rules for the sale of public power companies, asking President Michel Temer to send a draft bill instead.

Reporting by Marcelo Teixeira Editing by Chizu Nomiyama

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