Bolsonaro government decides to privatize Eletrobrás at rock-bottom prices.
At the worst moment for the global market, with the Brazilian currency extremely devalued, the government decides to sell the largest company in the Brazilian electricity sector for a pittance.
247 - The president of Eletrobrás, Wilson Ferreira Júnior, confirmed the privatization of the company next year and cited the coronavirus pandemic as justification for handing over the largest company in the electricity sector. This information comes from the newspaper... The Globe.
"The only way for the government to quickly mitigate the effects (of the pandemic), especially the debt, is through privatizations that will strengthen the economic and financial balance of public accounts," said Ferreira, who said he believes Congress should approve the bill authorizing the privatization of Eletrobras in the second half of this year.
The announcement confirming the privatization was made while Ferreira was releasing the company's first-quarter results, a profit of R$ 307 million.
Ferreira said he believes that post-crisis foreign capital will invest in projects with more economic activity that generate jobs and income.
"Eletrobras is a company listed on stock exchanges in Brazil, the United States, and Europe. And this market is recovering faster post-crisis, considering its future economic outlook. I have no doubt that Eletrobras is an asset to attract investors from all over the world," he stated.