BNDESPar increases stake in Brazilian utility Cemig

The investment division of Brazilian national development bank (BNDES), BNDESPar, has increased its stake in Minas Gerais state energy firm Cemig.

To be more specific, BNDESPar has acquired 12.9% of the common shares and 2% of the preferred shares, representing a 5.6% of the total capital in Cemig.

The acquisition was made through a debentures exchange with AGC Energia, a subsidiary of Andrade Gutierrez group. AGC Energia now holds a 8.76% of the total capital of Cemig.

Cemig is a Brazilian power company headquartered in Belo Horizonte capital of the state of Minas Gerais (Brazil). The company is one of the largest power generators and distributors in Brazil being responsible for 12% of the national distribution.

BNDESPAR is a business corporation, which has been established as an integral subsidiary of the BNDES. It carries out capitalization operations of undertakings controlled by private groups, while abiding by the BNDES’ plans and policies.