BRAZIL: CESP Power Generation Company To Be Auctioned On September 26

(RTTNews) - The Brazilian state of São Paulo will auction the Companhia Energética de São Paulo (CESP), a state-owned power generation company, on September 26 at the B3 stock exchange.

The state government will sell virtually all of its stake in the power company - 103.9 million ordinary shares and 28.9 million preferred shares - for R$ 16.80 each. CESP employees will be able to buy part of those stocks at half price. The minimum bid for the company should reach R$ 2,225 billion.

Investors interested in buying CESP, which operates hydroelectric power plants with a 1.655 gigawatt (GW) capacity, will be able to deliver pre-identification documents, participation guarantees and propositions between 10 am and 12 pm (local time) on September 18. The government will release the list with the approved participants on September 21.

The signing of the purchase and sale agreement is scheduled for December 4.