(Xinhua, 13.Jul.2021) — Brazilian President Jair Bolsonaro signed into law on Tuesday a bill approved by Congress that paves the way for the privatization of state-owned electric utility company Eletrobras, according to the country’s Official Gazette.
Among other measures, the regulatory framework will include the issuance of new Eletrobras shares to be sold on the private market, with the government waiving its subscription right, which will lead to the diluting of its current 61 percent stake in the company.
The company’s privatization, which was approved by Congress on June 21, is expected to be completed by January 2022, after the National Council for Energy Policy defines the fundamental premises for the privatization model.
Eletrobras, a publicly traded company, is responsible for the generation and distribution of electric power in Brazil.
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