Goiás Energy Company – CELG

closed

In May 2015, CELG-D was included in the National Privatization Program (PND) through Decree No. 8,449/15. The Ministry of Mines and Energy assumed responsibility for leading the company's privatization process, and BNDES, for providing the necessary support for the measure, including through the hiring of technical services and related studies. Historical project data: • CELG-D is among the 10 largest energy distributors in the country • Shows above-average demand growth and its performance is extremely important for the economic and social development of the State of Goiás • Before its privatization, the company was controlled by Eletrobras, which held 50.93% of its share capital, and by the Government of Goiás, which owned, via CELGPar, 49% of the company's capital • CELG-D provides energy distribution services to 237 municipalities in Goiás — which corresponds to more than 98.7% of the state's territory — and serves 2.61 million consumer units, in a concession area of 336,871 km² • The main objectives pursued by the project to divest control of the company were to improve the quality of services provided, make the necessary investments to meet user demand, attract a private partner through a competitive, efficient and transparent process, in addition to obtaining the best possible price in the process of selling the company • The market value for Celg-D was defined at around R$4.4 billion, considering debts and other obligations in the amount of R$2.656 billion • The net value referring to all of the company's shares is R$1.792 billion and was established by Resolution No. 7 of the Investment Partnerships Council (CPPI), published in the Official Gazette of the Union, dated September 14, 2016 The privatization process will be carried out in two stages: • The first refers to the negotiation of shares representing controlling interest, and the second refers to the offering of shares to company employees and retirees. In the first stage, 94.8393% of the share capital of CELG D, owned by CELGPar and Eletrobrás, was put up for sale in a single lot. The minimum value will be approximately R$11.95 per share • In the second stage, the company's employees and retirees were allowed to acquire 5.09% of the company's share capital, which corresponds exclusively to 10% of the shares owned by Eletrobras, for the minimum price of R$10, 76 (10% discount on the value set for the first stage)