Home Business Andrade Gutierrez sold its 12.60 pc voting share in CEMIG, to unknown...

Andrade Gutierrez sold its 12.60 pc voting share in CEMIG, to unknown buyer

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AGC Energias SA – a unit of Andrade Gutierrez Concessoes AS –  reported to Brazil’s Security and Exchange Comission (CVM) that it has sold all of the ordinary shares it held in Brazilian utility CEMIG (Companhia Energetica de Minas Gerais), representing 12.69 percent of CEMIG’s capital.

AGC’s report to CVM didn’t say who was the buyer, but in September, newspaper Valor informed that Banco Classico was interested in acquiring  AGCs participation in CEMIG.

Cemig is one of the most solid and important groups in the electric energy segment in Brazil, as it owns or has stakes in more than 200 companies and 16 consortia. An open capital company controlled by the Government of the State of Minas Gerais and has 127,000 shareholders in 44 countries. Its shares are traded on the São Paulo, New York and Madrid stock exchanges.

The Company today is a benchmark in the global economy, recognized for its sustainable practices. It has been part of the Dow Jones Sustainability Index World (DJSI World) for 17 consecutive years.

The Cemig Group is also recognized for its size and technical competence and is believed to be the largest integrated company in the electric energy sector in Brazil. In Minas Gerais, it services 96% of the concession area and has over 12 million consumers in 805 municipalities. It is also the largest supplier of energy to free clients in Brazil, with a 25% market share, and is one of the largest generation groups, responsible for the operation of 120 power plants with an installed capacity of 8.5 gigawatts.

Cemig has operations in 22 Brazilian states, in addition to the Distrito Federal. The company has expanded its stake in Light, assuming control of this energy distribution company which serves the city of Rio de Janeiro and other cities in the state of the same name, investments in the natural gas segment (Gasmig), telecommunications (Cemig Telecom), renewable energy (Renova) and energy efficiency (Efficientia).