This Thursday (9), the pricing of Eletrobras shares is scheduled, that is, the definition of the price per share. According to the company’s schedule, the start of trading of shares on B3, the Stock Exchange, is scheduled for June 13th.
The federal government expects the privatization process of the state-owned company to be concluded by Tuesday (14) of next week.
“Share pricing is a collection of intent both on the quantity per share demanded in the market and on the price with investment banks. In other words, the investment banks, which are advising the operation, collect how much each of these investors is interested in buying the company’s shares and what price they would pay for these shares”, explains Fernando Caio Galdi, professor of finances of Fucape-RJ.
“Based on this information, the company, together with the coordinators of the operation (banks), evaluates whether the value being offered is adequate or not”.
Analysis of the economics analyst of the CNN Priscila Yazbek also shows that brokers and banks estimate that the shares will reach an average price of R$ 54.11, an appreciation of more than 20% this year.
Six buy recommendations and one neutral recommendation were counted, showing that the market sees potential for appreciation.
According to Caixa Econômica Federal, as of the next few days, workers who used the Severance Indemnity Fund (FGTS) to reserve Eletrobras shares will be able to consult the amounts effectively debited for application purposes through the application. . They were able to reserve up to 50% of the FGTS to invest in the shares.
The expectation, according to Caixa, is that up to R$ 6 billion will be handled by the FMP-FGTS (Mutual Privatization Funds).
In a note sent to CNN the bank informed that, according to CVM rules, the schedules of the public offering process of the company’s shares are disclosed through notices to the market.
The institution will inform the consortium of banks coordinating the offer of the volume of reserves to determine the need for an eventual proportional apportionment among the people who expressed an interest in using FGTS resources for investment.
With the capitalization process, the government will give up the largest share of the state-owned company, opening the way for it to have control of independent shareholders. The operation, according to calculations by the federal government, should move around R$67 billion and the Union expects to raise at least R$25 billion.
As announced by President Jair Bolsonaro, the resources from the privatization of Eletrobras may be used to subsidize the reduction in the price of diesel, as provided for in the proposed amendment to the Constitution (PEC), to try to reduce taxes on fuels.
The provisional measure that authorizes handing over the state-owned company to investors was signed by President Jair Bolsonaro in July 2021. Among the president’s vetoes were the reservation of 1% of the shares for state-owned employees with discounts and also the use of employees fired without just cause. in similar positions of subsidiaries of the company.
As an argument, the government claimed at the time that the reserve of shares could reduce capitalization resources and that the migration of servers would violate the principle of public tender.
Understand capitalization
When talking about privatization in Brazil, there is always the understanding that the Federal Government will sell a certain company to a group or company that pays the highest price.
This is not the case with Eletrobras. Its privatization will take place via the capital market: that is, the company’s shares will be dispersed among several shareholders. The government is the majority controller, with more than 70% of the shares. He will continue to be the majority shareholder, but will gain several partners through this sale.
Eletrobras will sell new shares on the market, gradually diluting the government’s share — until it holds 45%. The process ends up being a privatization because Eletrobras is no longer managed as a state-owned company, as it is today.
The company is now managed as a holding company, in which the government remains the majority shareholder, but most of its capital is diluted in the private sector.
In this way, conditions are created to provide greater investment capacity for the state-owned company, with efficiency gains, cost reductions and safer and more efficient service provision.
Eletrobras is responsible for 30% of the generation and almost 40% of the energy transmission in the country today, having been higher in the past, but ended up reducing the market because it lost investment and management capacity.
With information from Pedro Zanatta, from CNN Brasil Business.
Source: CNN Brasil
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