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BRIEF-Brazil to sell power distribution firms for 'symbolic value'
November 9, 2017 / 12:12 PM / a month ago

BRIEF-Brazil to sell power distribution firms for 'symbolic value'

Nov 9 (Reuters) - Brazil’s BNDES:

* Brazil’s development bank BNDES says six power distributors owned by Centrais Elétricas Brasileiras SA, or Eletrobras, have 10.2 billion reais ($3.14 billion) value, but 20.8 billion reais in debt

* BNDES says defined ‘symbolic value’ for privatization of each power distributor owned by Eletrobras as 50,000 reais

* BNDES says winners of power distributors auction will have to inject 2.4 billion reais in cash into the companies

* BNDES says investors cash injection into distributors will represent 30 percent of all investments expected for the first five years of operation

* BNDES says state-owned Eletrobras may keep a stake of up 30 percent in power distributors, with no special management rights

* Brazil’s BNDES says after auditing court’s approval, government will publish rules for the auction, expected for first four months of 2018

* Brazil’s BNDES says data room for privatization of distributors will open in coming days Further company coverage: ($1 = 3.2453 reais)

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