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Brasília Energy Company (CEB) Is Undergoing Privatization Process and the Minimum Price Is R$ 1.4 Billion
The shareholders’ meeting of Brasília Energy Company – CEB, approved the start of the company’s privatization process. The decision was made yesterday afternoon and set the sales details for CEB Distribution, with a minimum sale price of R$ 1.4 billion. The final amount went through two economic evaluations conducted by the National Bank for Economic and Social Development – BNDES. The auction will be held by B3 on the São Paulo Stock Exchange in November, and currently, 6 companies are interested in purchasing CEB.
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Ibaneis Rocha, Governor of the Federal District, stated that “The value assessed by BNDES is expected to reach around R$ 2 billion, up to R$ 2.5 billion, as it is an asset that is highly coveted by businesspeople in the area.”
Edison Garcia, the company’s president, emphasized that “There was a majority approval for the sale. The GDF, Novacap, and a group of shareholders and investors voted. CEB was valued at R$ 2.4 billion, but incurred debts and lost value. The company does not generate profit, numbers show that. The GDF loses about R$ 900 million due to actions from past administrations. So, what we could sell for R$ 2.4 billion will start at R$ 1.4 billion.”
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Six companies have shown interest in purchasing the company that supplies energy to 1.1 million consumers. Most of these companies are foreign-owned. The auction proceeds will be reverted to CEB Holding, where the Federal District Government (GDF) holds 80% of the shares and the market 20%.
The CEB president says that “To give examples, there is a debt from the University of Brasília (UnB) that harmed the company’s cash flow for six years, dating back to the government of Cristovam Buarque, who exempted the payment of the electricity bill, even being a federal university that has federal resources. We also had past planning where more energy was purchased than we have the capacity to consume. There are also personnel and service costs.”
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