Brazilian power company Eletrobras ELET3.SA approved on Tuesday the hiring of financial institutions to structure a potential offering to sell its preferred shares in electricity transmission firm ISA Cteep TRPL4.SA.
The company said it will hire Citigroup, Itau BBA, Safra and XP Inc to structure the deal.
Eletrobras owns 52.48% of ISA Cteep’s preferred shares, in addition to 9.73% of its common shares. The company did not mention ordinary shares in its filing.
The utility said it is evaluating the potential share offer, among other options to divest minority stakes, which includes a direct sale on the stock exchange, block trades and asset swaps.
In September, the firm sold a stake it had in Copel CPLE6.SA for 125.3 million reais.