Eletrobras shareholders approve sale of Celg-D

Brazil's state-controlled power holding company Eletrobras has announced that a shareholders assembly approved the sale of a controlling stake of power distribution company Celg Distribuição​ (Celg-D).

Eletrobras, or Centrais Elétricas Brasileiras SA, plans to privatize Celg-D in an auction at Sao Paulo-based exchange BM&FBovespa. The auction is expected to take place in December 2016.

Goiás state power company Celg Distribuição is engaged in the distribution and sale of electricity in 237 municipalities throughout the state. The company supplies 2.2 million clients and operates a network of 333 distribution substations. Celg D was founded in 1956.

The minimum price for Celg-D was fixed at BRL1.8 billion (US$577 million).