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EDP seeks full management of Brazilian unit

admin by admin
March 3, 2023
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EDP seeks full management of Brazilian unit
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Portuguese utility EDP – Energias de Portugal SA (ELI:EDP) is providing as much as BRL 5.76 billion (USD 1.1bn/EUR 1.04bn) to amass all excellent frequent shares at EDP Energias do Brasil SA (BVMF:ENBR3).

EDP mentioned on Thursday it has filed a young supply with the Brazilian Securities Market Fee (CVM) regarding 240.2 million shares. The utility bids BRL 24 (USD 4.6/EUR 4.3) to be paid in money and in Brazilian foreign money. The shares held, instantly and not directly, by EDP and people at present held by EDP Brasil in treasury should not included within the supply.

With this transfer, made along with EDP Worldwide Investments and Companies SL, EDP seeks to delist its Brazilian arm from the native inventory market in addition to change the agency’s CVM registration to class B from class A, “which allows for the issuance of all types of securities except shares, depositary receipts of shares and other securities convertible into shares”, EDP acknowledged within the securities filling.

This transaction goals to simplify the company and organizational construction of EDP, offering better flexibility for the monetary and operational administration of its actions in Brazil, the Portuguese utility famous.

EDP Brasil, which booked a web revenue of BRL 1 billion in 2022, is focusing on 1 GW of photo voltaic technology in Brazil by 2025.

(BRL 1.0 = USD 0.192/EUR 0.180)

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