The capitalization of Eletrobras, through the issuance of new shares valued at 42 reais per paper, raised around 30,000 million reais (about 6,000 million dollars). On the São Paulo stock exchange, the new shares began trading on Monday and closed this Tuesday with a rise of 3.37%.
This is the second largest capitalization operation in the world in the year, and also the second largest of this type in the history of Brazil, after another carried out by Petrobras in 2010.
Bolsonaro thus fulfills his promise to shrink the State with which he came to power in 2019, when the October elections in which he will seek to renew his mandate are approaching.
“The largest clean energy generation company in the world is free,” said the Minister of Economy, Paul Guedes, present at the event in which Bolsonaro did not speak.
“It’s like a son who left home at 18 and is now going to succeed; he no longer needs to be under the protection of the state, which was becoming harmful,” he added, about this company established 60 years ago.
The fate of Eletrobras
The operation was aimed at reducing the State’s participation in the company’s capital -now increased- from 72% to 45%, although the shareholding composition after the exit of the new shares has not yet been disclosed.
According to Guedes, the company needs to invest 16,000 million reais per year to guarantee its market share, but it only managed to invest 3,000 million.
This privatization process was approved in mid-2021 by the Brazilian Congress, and endorsed in mid-May by the Court of Accounts of the Union of Brazil.
The government denies that this initiative harms consumers, as opponents and some analysts assure. Its defenders assure that this new stage will boost the growth of the company.
Guedes defined Eletrobras as “the guarantee of energy security in Brazil” in the generation of renewable energies.
Dozens of people protested this Tuesday outside the building of the São Paulo stock exchange, located in the center of the city.
“Privatizing Eletrobras is putting an end to one more sovereignty in our country (…) it is a mistake,” said Telma Andrade, president of the Central Union of Workers (CUT) of Sao Paulo, in a video posted on social media. .
The privatization of public assets is part of the pre-campaign for the presidential elections, in which this possibility was again put on the table for the oil company Petrobras, given the government’s discontent with the fuel increases.
Source: Ambito
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