Cemig's shares rise amidst interest in Usina Santo Antônio
Around 11:55 am, Cemig's shares rose 2.23%, trading at a price of R $ 10.10. The increase in Cemig's shares comes amid the interest of China's State Power Investment Corporation (SPIC) in acquiring the Santo Antônio hydroelectric plant, located on the Madeira River (RO). In addition to state mining, SPIC also must buy the securities that Odebrecht and Andrade Gutierrez have in the business. According to the newspaper Valor Econômico, SPIC estimates the hydroelectric plant at 3.5 billion reais. Value below the market, however that considers the financial situation of the company. At the end of June, Santo Antonio had a debt of R $ 14.9 billion. In addition, negative working capital was R $ 992.5 million. Furnas, the main shareholder of the deal with 41%, does not intend to sell its share. For this reason, SPIC would spend a little more than R $ 2 billion to buy the participation of the three companies. The interest is positive for the mining company, which had already announced interest in selling its part in the business. In the month the state energy company accumulated a 38% increase in its shares. The positive result in Cemig's securities happens amid the result of the elections for governor of the state of Minas Gerais.
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