Brazil Energy Firm Eneva Announces Secondary Share Offering

(Reuters, 27.Mar.2019) — Brazilian energy firm Eneva SA announced a secondary offering of 49.97 million shares in a securities filing on Wednesday, confirming an earlier Reuters report.

The firm, which owns gas-fired power plants and natural gas exploration and production assets in northeastern Brazil, said shareholders Itau Unibanco Holding SA, Uniper Holding GmbH, Banco BTG Pactual SA, Banco Pine SA , and Dommo Austria GmbH, a unit of Brazil’s Dommo Energia SA, plan to sell shares in the offering.

According to the closing share price of Eneva on Tuesday, the secondary offering may be worth about 930 million reais ($237 million).

Banks Itau BBA, Santander Brasil SA, BTG Pactual, and Citigroup Inc’s Brazil unit will manage the offering, confirming the earlier report by Reuters.

Eneva, which filed for bankruptcy in 2014, was part of a stable of companies in which the tycoon Eike Batista — who was found guilty of bribery after his once-promising investments floundered — had a stake.

Since July, Eneva’s Brazil-listed common shares have soared over 60 percent to trade at 18.60 reais.

The secondary offering is set to be priced on Apr. 4, the company said.

$1 = 3.91 reais Reporting by Gram Slattery; Editing by Bernadette Baum

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ENERGY ANALYTICS INSTITUTE (EAI) https://energy-analytics-institute.org

Energy Analytics Institute (EAI), formerly LatinPetroleum.com, is a Houston-established private organization with a satellite presence in Calgary, Mexico City and Venezuela where it operates under Editores LatinPetroleum SA. Since 1999, EAI has been a leader in energy news coverage of Latin America in particular. Coverage, run out of Latin America, now spans the world and encompasses nearly all energy and energy-related sectors.

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