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State of Sao Paulo to resume privatization of Energética Cesp after decree

 

 

 

By Reuters

SAO PAULO
Petroleumworld 01 31 2018

The privatization council of the state of São Paulo approved a decision to resume a process to sell power company Companhia Energética de São Paulo SA , according to a report in the state's official gazette on Tuesday.

The decision comes after publication of a federal decree last week allowing the renewal of power generators' licenses for up to 30 years in the event of a privatization.

The government of São Paulo tried to sell preferred shares in Cesp, as the utility is known, for 16.80 reais per unit last September. Its stake corresponded to 40.6 percent of the company's total share capital, in a deal valued at almost 2 billion reais ($633.7 million).

But the auction drew no bidders, mainly as Cesp's operating licenses would expire between 2020 and 2028.

With the decree allowing for an automatic renewal of licenses in the event of a privatization, the deal is now expected to attract investors' interest.

$1 = 3.1561 reais



Reporting by Luciano Costa; Writing by Ana Mano; Editing by Bernadette Baum from Reuters.

reuters.com 01 30 2018

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