Brazil prepares to sell Eletrobras shares

Brazil's state-controlled power utility Eletrobras has announced it intends to trade its new ordinary shares on the NYSE on 10 June.

The operation will happen simultaneously in Brazil and the US, but trading of the shares on B3, the Brazilian stock exchange, will start on 13 June.

The company is prepared to offer 658mn shares on the primary market and 70mn shares on the secondary market. The company's ordinary shares were quoted at $9.23 per American Depository Share (ADS) on NYSE, and R44.00 per share on B3, at the end of business on 26 May.

Eletrobras' roadshow began on 27 May and will end on 8 June. The priority offer for the purchase of shares by shareholders and Brazilian pension fund members will range from 3-8 June.

By Rebecca Gompertz