BRAZIL: Eletrobras Approves The Sale Of Power Transmission Subsidiaries

(RTTNews) - Shareholders of the Brazilian state-owned electricity company Eletrobras approved the sale of six power transmission subsidiaries from the Northern and Northeastern regions of the country.

They also decided that Eletrobras should incorporate liabilities amounting to R$ 19.7 billion (US$ 6.03 billion) - R$ 11.2 billion in debt and R$ 8.5 billion related to sectoral funds payments.

Shareholder approval for the power transmission companies was only possible because the Brazilian government, which owns 61% of the voting capital, voted in favor of the proposal. Shareholders who cast an early vote had rejected the proposal.