União will continue to sell Eletrobras (ELET3) shares it holds, says Guedes

The Union will continue selling the Eletrobras shares (ELET3; ELET6) that it holds, even after the dilution with the recent capital increase operation, said this Monday, 20, the Minister of Economy, Paulo Guedes. The minister made the statement by saying, without giving details, that the federal government intends to direct resources raised from privatization of state-owned companies to two funds, one focused on eradicating poverty and the other on “national reconstruction” of public investment capacity.

According to Guedes, the two funds will be managed by the National Bank for Economic and Social Development (BNDES). The minister signaled for the sale of more Eletrobras shares that follow with the Union during a speech at a commemorative ceremony for the 70th anniversary of the development institution, at the bank’s headquarters, in Rio.

“We are going to place the Eletrobras shares here at BNDES (in a fund managed by the bank). Now it’s a ‘corporation’, I just need to have 10% (shareholding). And I’m actually 30-odd (%). So, I have a lot of Eletrobras papers left over, which I will sell over time,” said Guedes.

According to the minister, the same could be done with Petrobras shares, if the plans to privatize the oil company actually go ahead. ” In fact, just talking about privatizing Petrobras and migrating to the Novo Mercado (B3’s corporate governance level), its (market) value goes from R$450 billion to R$750 billion. The Union has more than a third (of Petrobras’ capital), it goes from at least R$ 150 billion to R$ 250 billion”, estimated Guedes.

Then, in the speech, the minister mentioned the creation of “funds”. “What am I going to do with this money? It has to be returned to the Brazilian people. Let’s do the poverty eradication fund on one side. And the national reconstruction fund, on the other hand. Two funds. We are going to put the BNDES in charge of managing this”, said Guedes.

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About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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