October 14, 2019 / 10:48 AM / a month ago

Brazil's Light agrees to sell 17.17% stake in Renova Energia

SAO PAULO (Reuters) - Brazilian energy company Light SA (LIGT3.SA) said on Monday its subsidiary Light Energia S.A. has agreed to sell a 17.17% stake in Renova Energia SA (RNEW11.SA) to CG I Fundo de Investimento em Participacoes Multiestrategia for a symbolic value of 1 real ($0.2435).

In a securities filing, the company added that, after concluding the transaction, CG I has committed to then sell Renova shares to Cia Energetica de Minas Gerais (CMIG4.SA), if the latter decides to exercise its preemptive rights.

Cemig, as Brazil’s second-largest utility is known, is a shareholder in both Light and Renova.

Rio de Janeiro-based distributor Light said the sale of its stake in Renova is part of a strategy to divest non-core assets and focus on improving the performance in operations involving energy distribution.

Reporting by Gabriela Mello, editing by Louise Heavens

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