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The State Governor Announced Plans to Privatize the State Water and Sewage Company of Rio de Janeiro
A statement was released this Wednesday, August 28, offering part of the shares of the State Water and Sewage Company of Rio de Janeiro through an initial public offering (IPO) on the stock exchange. Discover the 9 State Companies that Will Be Privatized by the Government
The State Water and Sewage Company (Cedae) informs that the government of the State of Rio de Janeiro is expected to define the privatization model for the company in the coming months.
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According to the latest available numbers, Cedae’s net profit increased by 197.5% in 2018, reaching R$ 832.4 million.
“In addition to the regulatory framework that is about to be voted on in the Chamber of Deputies, I received news from President Rodrigo Maia that the vote should take place now at the end of August or beginning of September for the regulatory framework. Rio de Janeiro will serve as a model for Brazil in terms of water and sewage privatization. In this new model, the sale price of Cedae will increase,” declared the governor.
Witzel expressed optimism about the sale price of Cedae. According to him, the funds would be sufficient to offset the state deficit, which is expected to be around R$ 11 billion for 2020.
The governor’s expectation is that the sale of the company will result in between R$ 7 and R$ 11 billion.
“By December, we should have a public update on the privatization process, and we are required to meet the timeline by September of next year. The privatization of Cedae is expected to result in between R$ 7 and R$ 11 billion, depending on the regulatory framework, including. In addition to the regulatory framework, which increases the sale price of Cedae, the modifications we made also contribute to this. We have managed to reduce high salary expenses and are reducing labor liabilities. We are preparing the company to achieve a higher market sale value. I am confident,” said Witzel.
