Brazil to unveil Eletrobras privatization measure on Tuesday

Brazil's government on Tuesday will unveil a provisional measure associated with its plans to privatize state-run electricity provider Eletrobras , three sources with knowledge of the matter told Reuters. (2230 GMT), Senate head Rodrigo Pacheco's office said. Preferred and common shares in Eletrobras soared after the Reuters report.

Reuters | Brasilia | Updated: 24-02-2021 02:50 IST | Created: 24-02-2021 02:46 IST
Brazil to unveil Eletrobras privatization measure on Tuesday
Representative image Image Credit: ANI

Brazil's government on Tuesday will unveil a provisional measure associated with its plans to privatize state-run electricity provider Eletrobras , three sources with knowledge of the matter told Reuters. The minister of economy and energy, Paulo Guedes and Bento Albuquerque will go to Congress to deliver the text of the measure to the leaders of Congress at 7:30 p.m. (2230 GMT), Senate head Rodrigo Pacheco's office said.

Preferred and common shares in Eletrobras soared after the Reuters report. Preferred shares rose more than 11% by late afternoon trading, extending their 2.4% gain when the report was published. The provisional measure would allow development bank BNDES to work on the privatization of the company, and will likely appear published in an extraordinary edition of the federal gazette on Tuesday, the sources said.

One source said that should "signal" to the market President Jair Bolsonaro's commitment to the sale after his decision to change the chief executive of state-run Petrobras led to doubts over his divestiture plans.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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