Brazil’s Eletrobrí¡s Gets Green Light to Sell Stocks in New York

Brazil's Eletrobrás Eletrobrás, Brazil's state-owned power company was licensed last Friday, September 26, by the United States' Securities and Exchange Commission (SEC) to trade its shares in the New York Stock Exchange. According to the press office at the company, listing in the United States stock exchange should be made official on October 31st.

To the president of Eletrobrás, José Antonio Muniz, obtaining the license from the SEC was a victory. He stated that he does not fear that the international financial crisis may harm the company.

"Every crisis is synonym with opportunity. And this one is no different. Investors are turning to the real world, and this is the world of Eletrobrás," he said.

The state-owned company's shares are expected to appreciate in the medium term, as they are traded in the United States' stock exchange.

The director for Finance and Investor Relations at Eletrobrás, Astrogildo Fraguglia Quental, believes that the company's liquidity is going to increase as its shares gain value. "Eletrobrás will then be able to obtain lower interest rates."

The Eletrobrás System currently has an installed production capacity of 39,753 megawatts (MW), the equivalent to 39.6% of total national capacity. The company also owns 63% of the Brazilian transmission grid, which totals 56,789 kilometers.

ABr

Tags:

  • Show Comments (2)

  • George S.

    The big problem
    The biggest problem with this as of now is how they will actually benefit from this. Talk about coming in at the wrong time. The NYSE is plagued with problems and I don’t see how Electrobras can afford something like this. I know they sound optimistic, but you have to know that they act optimistic like any company looking for investors. My suggestion, be CAREFUL.

  • João da Silva

    [quote]According to the press office at the company, listing in the United States stock exchange should be made official on October 31st.[/quote]

    I suggest to all the investors to buy stocks that are going to be launched by Electrobras. A good buy. Where there is a crisis, there is always an opportunity. Buy low and sell high.It is a fantastic opportunity for the foreign investors.

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Shooting Attack on Brazilian Newspaper Follows Reports on Corruption

Paris-based organization RSF (Reporters Without Borders), which is dedicated to defend freedom of the ...

Brazilian singer-composer Milton Nascimento

Brazil’s Milton, the Planet’s Voice, in a Revealing Mood

Milton Nascimento had a big smile on and the majestic posture when we entered ...

Cell Phones Lead Exports from Brazil’s Industrial Hub of Manaus

The Industrial Hub of Manaus, capital of the northern Brazilian state of Amazonas, posted ...

Brazil’s Smooth Observer

André Vasconcellos’s Observatório is a fresh album, which should have a certain amount of ...

In Surprise Move, Brazil Decides to Pay Off Its US$ 15 Billion IMF Debt

Brazil announced its intention to make an early repayment of its entire outstanding obligations ...

The Key to Brazil’s Future: Abolishing Political Corruption

There is a sad expression about Brazil that roughly translates: “Brazil is the land ...

Where the party never stops

Salvador’s Carnaval became the most popular festival in Brazil, surpassing the one in Rio. ...

Cattle Disease Causes US$ 230 Million Loss to Brazil This Year

Brazilian beef exports should end the year with sales totaling US$ 2.770 billion, the ...

Still Queen

Rita Lee’s new album, 3001, sure is electric. For years I hadn’t heard such ...

Millennium Goals Forum in Brazil Stresses Importance of Sexual Health

Representatives of 16 Latin American and Caribbean countries gathered in Brazil have approved the ...