EMGEA – Asset Management Company

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Empresa Gestora de Ativos S.A. (EMGEA), a federal public company of a non-financial nature, linked to the Ministry of Economy, was created in the context of the Program for Strengthening Federal Financial Institutions (PROEF) through Provisional Measure nº 2.196-3, of June 21, 2001. Its corporate purpose can be divided into the following activities: i) acquire assets and rights from the Union and other entities that are part of the Federal Public Administration, and may, in return, assume their obligations; ii) manage and recover assets made up of assets and rights originating from the Union and entities belonging to the federal public administration; iii) provide administrative collection services for credits under the management of the Secretariat for Coordination and Governance of Union Heritage (SCGPU); and iv) collect property revenue under the management of the SCGPU. In practice, currently, the main activities of EMGEA refer to the collection of the following credits: before the Salary Variation Compensation Fund (FCVS), real estate for individuals, credit for legal entities in the private sector, commercial credit for individuals and the Public sector. Despite recording positive results in recent years, the company's projections show that cash resources would be exhausted at the beginning of January 2020 and this situation could lead to the status of a dependent state company. Given this context, CPPI Resolution No. 65/2019 qualified EMGEA in the PPI and included it in the National Privatization Program (PND) with a view to initiating the necessary procedures for its privatization. After completing the studies related to the process, on August 25, 2021, CPPI Resolution No. 200 was published, which approved the operational modalities and conditions for the privatization of EMGEA. The resolution defined that privatization would take place in the operational modalities of asset disposal followed by corporate dissolution, through liquidation. The authorized sale was of five EMGEA portfolios: Individual Commercial Portfolio, Individual and Legal Entity Housing Portfolio, Public Sector Portfolio and Non-Use Property Portfolio. During the portfolio evaluation study phase, however, facts were identified that increased the complexity of the portfolio disposal process and justified the inclusion of new conditions and steps in the privatization modeling. With this, CPPI Resolution No. 242, of June 24, 2022, was published, which defined the disposal and dissolution modalities for the privatization of EMGEA, in addition to proposing the revocation of CPPI Resolution No. 200, of August 25, 2021, and the of Decree No. 10,863, of November 19, 2021. On August 5, 2022, the Public Hearing on the EMGEA privatization process took place through a telepresence meeting platform so that interested parties could ask questions and contributions live. The documents relating to the Public Hearing are available on the BNDES website. CPPI Resolution No. 256, of September 20, 2022, approved CPPI Resolution No. 242 and changed the wording of articles 12, 13 and 14, which deal with the company's privatization modalities. CPPI Resolution No. 273, of May 30, 2022, authorizes, on an ad referendum basis, EMGEA to distribute the minimum mandatory dividends, in the form of Interest on Equity, calculated on the economic result relating to the fiscal year ending in 31 December 2022, according to the Profit Allocation proposal presented by the administrators and approved at the company's 7th Ordinary General Meeting, held on April 20, 2023. CPPI Resolution No. 281, of June 21, 2021, approves CCPI Resolution No. 273, of May 30, 2023. CPPI Resolution No. 294, of November 22, 2023, authorizes the company to distribute the minimum mandatory dividends calculated on the economic result for the fiscal year ending on December 31, 2019. Resolutions and Decrees: Resolution No. 65, of August 21, 2019 – Opines for the qualification of Empresa Gestora de Ativos S.A. – EMGEA in the Investment Partnership Program – PPI and inclusion in the National Privatization Program – PND. CPPI Resolution No. 200, of August 25, 2021 – Approves the operational modalities for the privatization of Empresa Gestora de Ativos S.A. – EMGEA, within the scope of the National Privatization Program – PND, and recommends to the President of the Republic to change the term of art. 3rd of Decree No. 9,589, of November 29, 2018, for this purpose. Decree No. 10,008, of September 5, 2019 – Provides for the qualification of Empresa Gestora de Ativos S.A. – Emgea within the scope of the Investment Partnership Program of the Presidency of the Republic and its inclusion in the National Privatization Program. Decree No. 10,863, of November 19, 2021 – Establishes, for the privatization process of Empresa Gestora de Ativos S.A. – Emgea, the time frame for the beginning of the counting of the period established in the caput of art. 3rd of Decree No. 9,589, of November 29, 2018. CPPI Resolution No. 242, of June 24, 2022 – Approves, on an ad referendum basis, the privatization modalities of Empresa Gestora de Ativos S.A – EMGEA, within the scope of the National Program. CPPI Resolution No. 256, of September 20, 2022 – Approves and amends CPPI Resolution No. 242, of June 24, 2022, which defines the privatization modalities of Empresa Gestora de Ativos S.A – EMGEA, within the scope of the National Privatization Program – PND. CPPI Resolution No. 273, of May 30, 2023 – Authorizes, on an ad referendum basis, Empresa Gestora de Ativos S.A. – Emgea to distribute the minimum mandatory dividends, in the form of Interest on Equity, calculated on the economic result related to the fiscal year ending on December 31, 2022. CPPI Resolution No. 281, of June 21, 2023 – Approves Resolution No. 273, of May 30, 2023. CPPI Resolution No. 294, of November 22, 2023 – Authorizes Emgea to distribute the minimum mandatory dividends calculated on the economic result for the fiscal year ending December 31, 2019. Decree No. 11,110, of June 29, 2022 – Establishes, for the privatization process of Empresa Gestora de Ativos S.A. – Emgea, the time frame for the beginning of the counting of the period referred to in the caput of art. 3rd of Decree No. 9,589, of November 29, 2018.