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Plan Under Discussion in the Minas Assembly Foresees Transforming the State-Owned Company into a Corporation, Reducing State Participation, and Migrating Listing to the Novo Mercado, Without Direct Alienation of Shares
The discussion about the privatization of Cemig has returned to the center of political and economic debate in Minas Gerais. The current proposal does not foresee immediate sale of shares, but rather the conversion of the state’s common shares into preferred ones, changing the control structure and leading the company to the Novo Mercado of B3. The change, according to the management itself, would be structural and corporate, rather than a simple sale operation.
This design aims to unlock the constitutional requirement for a referendum in Minas for the alienation of assets, while simultaneously addressing the pressure from state debt, currently exceeding R$ 165 billion. In this context, Cemig appears as a strategic asset within the Full Debt Payment Program of the States (Propag), a mechanism that allows for reduced burdens and extended deadlines through the delivery of assets.
How Privatization Without Direct Sale Would Work
According to CEO Reynaldo Passanezi Filho, the conversion of shares would transform Cemig into a widely held company, without a defined controlling shareholder.
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Today, the state government holds 51% of the common shares, but has no stake in preferred ones.
Under the proposal, there would be unification in the Novo Mercado, reducing the state’s stake to about 17% of the total capital, without the need for alienation.
The movement aims to increase the liquidity of the shares, align governance with market practices, and create conditions for the company to operate as a corporation.
“Here, no one is talking about alienation, about selling shares,” emphasized Passanezi in an interview, reiterating the corporate nature of the initiative.
Political and Legal Obstacles
The proposal, however, faces resistance. The Minas Constitution requires popular referendum for changes in the structure of strategic state-owned companies like Cemig, Copasa, and Gasmig.
This means that, even with the project under discussion, there are significant legislative and political hurdles.
The privatization of Cemig is intertwined with the negotiations of state debt with the Union.
Part of the debate revolves around possible federalization of assets as a way to reduce Minas Gerais’ liabilities, something that could include the electric state company itself.
Cemig Already Operates with a Private Profile
The CEO argues that the company currently has a “management with a private mindset.”
In recent years, the state-owned company has made cuts to what are considered privileges, such as the sale of executive jets and the return of floors in its headquarters.
It also relaxed the rule that required all managers to be civil service employees, opening up to 40% of positions for professionals from the market — today, about 15% of positions already follow this model.
These measures, according to management, show that Cemig already operates with financial discipline, a focus on efficiency, and governance practices similar to those of private companies, even before any definitive decision regarding privatization.
Next Steps and Expected Impact
The progress of the project occurs in parallel to that of Copasa, the sanitation state company, considered by analysts to be more politically viable for privatization in the short term.
In the case of Cemig, the legislative complexity and strategic weight in the national electric sector make the process more delicate.
Still, if approved, the conversion model could pave the way for a deep change in the corporate structure, placing Cemig on another level of governance and attracting new investors.
For Minas Gerais, it would also be a way to balance public accounts without immediately resorting to asset sales.
And you, do you think that the privatization of Cemig in this corporate format is an efficient way to modernize the company and relieve the state’s debt? Or do you believe that state participation should be maintained as it is? Leave your opinion in the comments — the debate about the future of energy in Minas is just beginning.
Isso é simplesmente uma falácia do governador. A perda do controle acionário pelo estado acontecerá seja por alienação ou pulverização numa corporation! É apenas questão semantica. A Assembleia e a sociedade não vai cair nesse conto do vigário. Quanto ao fato desse presidente (que foi autoselecionado para o cargo por uma “head hunter”), dizer que é uma gestão privada, apenas pegou o que há de pior na gestão de empresas privadas – como pagamento exorbitantes de bonus para diretoria e assedio morais e ameaças – e manteve o pior da gestão estatal : o apadrinhamento descarado de cargos com fins políticos. Mente descaradamente quando diz que a seleção de gerentes é via mercado, porém a maioria absoluta são indicações políticas do Novo paulista, cujo critério é a fidelidade ideológica. E a Cemig hoje está totalmente cercada por irregularidades já denunciadas pela CPI na ALMG – que está sendo questionavelmente sendo blindada pelo Ministério Publico do estado. Uma investigação séria vai apurar tudo de ruim que estão fazendo com a Cemig – os dados de eficiencia pela Aneel despencaram e a apropriação político-partidária recrudesceu. Isso até parece uma reportagem comprada, pois não olhou o outro lado.
O correto para o Governo é privatizar, assim como Estados mais avançados e corajosos, como São Paulo e Paraná. A privatização querendo ou não vai gerar valor para todos e maior transparência na gestão, com aumento na valorização das ações.
O que permite o governo alavancar renegociação da dívida, com condições bem melhores de renegociação e futuramente quem sabe após o mercado valorizar as ações poder utilizá-las para investir no que a população referendar ou até mesmo quitar a dívida estadual ou um percentual bem maior do que faria na atual situação.
A Sabesp e a Enel que o diga. Serviços pioraram e preços subiram. No Paraná a Copel – antes uma referencia – está agora num dos ultimos lugares do indice da Aneel. Seria bom pesquisar e analisar antes de postar.