Light SA agrees to sell 17% stake in Renova Energia

Light SA, the Brazilian energy company, has reached an agreement to sell its 17.17% participation in Renova Energia SA to CGI Fundo de Investimento em Participacoes Multiestrategia. CGI will acquire about 7.16 million common shares and 98 preferred shares, for the symbolic quantity of BRL 1 (US$ 0.24).

CGI guarantees to sell the shares to Cia Energetica de Minas Gerais SA (Cemig), if the latter chooses to exercise its pre-emptive rights. Cemig, Brazil’s second-largest utility, is a stakeholder in both Light and Renova.

Light SA declared that this transaction is a result of their strategy to get rid of non-core assets and focus on the improvement of their main operations.