Cemig (Companhia Energética de Minas Gerais), a listed company with securities traded on the stock exchanges of São Paulo, New York and Madrid, in compliance with CVM Instruction 358 of January 3, 2002 as amended, hereby reports to the Brazilian Securities Commission (CVM), the São Paulo Stock Exchange (B3) and the market as follows:
Today (May 10, 2018) Cemig’s affiliated company Renova Energia S.A. (‘Renova’) published the following Material Announcement:
“ In accordance with CVM Instruction 358/2002 as amended, and with reference to the Material Announcement published on February 27, 2018, Renova Energia S.A. (RNEW11) (‘Renova’) hereby informs its stockholders and the market in general as
Renova has terminated negotiations with Brookfield Energia Renovável (‘BER’) involving sale of assets, since agreement has not been reached on the final terms of the transaction.
Additionally, Renova informs the market that it is working with its controlling stockholders on a New Restructuring Plan to resolve Renova’s capital structure and honor its commitments, and will be informing the market on this as soon as possible.
Renova reiterates its commitment to keeping stockholders and the market in general duly informed in accordance with the applicable legislation. ”
Belo Horizonte, May 10, 2018
Maura Galuppo Botelho Martins
Acting Chief Finance and Investor Relations Officer
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As approved by the meeting of the Board of Directors of Cemig held on December 12, 2017, and by the meeting of the Board of Directors of Energimp S.A. (‘Energimp’), held on February 5, 2018, and also as per the Memorandum of Understanding dated February 8, 2018, we report signature of the final document, entitled ‘Private Transaction Agreement’ (‘the Agreement’), between Cemig Geração e Transmissão S.A. (‘Cemig GT’), and Energimp (jointly, ‘the Parties’).
The objective of the Agreement is to eliminate the cross holdings between the Parties in the companies:
– Central Eólica Praias de Parajuru S.A. (‘Parajuru’)
– Central Eólica Volta do Rio S.A. (‘Volta do Rio’) and
– Central Eólica Praias do Morgado S.A. (‘Morgado’),
– and extinguish the corporate partnership currently existing between the Parties (‘the Elimination of cross holdings’).
As a result of the Elimination of cross holdings:
– 100% of the shares in Parajuru and Volta do Rio will be entirely owned by Cemig GT, or such party as it may indicate, and
– 100% of the shares in Morgado will be entirely owned by Energimp.
The Elimination of cross holdings is subject to suspensive conditions, which include, among others, approval by the Brazilian monopolies authority CADE (Conselho Administrativo de Defesa Econômica), at the times and in the manner indicated by the related applicable legislation, and of the financing bank.
http://cemig.infoinvest.com.br/enu/1634 ... mp_ing.pdf
The contracts will go into effect starting in 2022 and last for a period of 20 years. Cemig, as the company is widely known, had organized an auction, in which private companies competed to provide energy to the state-run firm.
While the financial terms of the contracts were not immediately available, Cemig executives had previously told Reuters this auction was an important re-contracting opportunity for the company.
Some important Cemig energy contracts are set to expire soon after the federal government re-auctioned a series of energy blocks in 2017.
Cemig is controlled by the government of the Brazilian state of Minas Gerais
https://finance.yahoo.com/news/brazils- ... 47364.html
Don’t let the $1.79 stock price confuse you, CIG’s share price doesn’t represent weakness. The company has a large outstanding share count, resulting in a $2.5 billion market cap to go along with roughly $7 billion in annual revenues. It leads Brazil in electricity distribution, and is among the top three utilities there in transmission and in generation.
What’s to like about CIG stock now? For one, it is down from a $2.60 peak in March to just $1.79 now. That sell-off has been driven by political troubles in Brazil and a sharp decline in their currency. Brazilian stocks, as a whole, are down close to a third since their January highs.
While macroeconomic fears are a concern for CIG stock, the company’s electricity business should fare better than most other Brazilian stocks in rough economic conditions.
The company is now selling at 13x trailing earnings, and earnings are expected to grow as Brazil continues to come out of an economic funk. On top of that, CIG stock paid 15 cents per share in dividends this year, amounting to an eye-catching 8% dividend yield. But please note that CIG pays a variable dividend, so there is no guarantee next year’s payment will be that large.
Regardless, there appears to be significant value compared to other utility stocks, especially with the stock selling well under book value. In addition, CIG stock could surge once investors want to buy back into Brazil.
https://finance.yahoo.com/news/3-cheap- ... 38557.html
The sources, who requested anonymity because they were not authorized to discuss the deal publicly, said that China's State Power Investment Corp had been in talks with shareholders of the Santo Antonio plant last year, before breaking off negotiations to bid for another dam.
Cia Energética de Minas Gerais (Cemig) and Odebrecht SA, the owners of the 3.6-gigawatt Santo Antonio dam in the state of Rondonia, are selling assets to pay down debt.
Cemig, Odebrecht and SPIC did not immediately respond to requests for comment.
China's State Power Investment Corp paid 7.2 billion reais ($1.9 billion) in a September auction for the license to operate the 1.7-gigawatt Sao Simao hydroelectric plant.
Reuters reported last month that the Chinese group was looking for new targets in Brazil. China's State Power Investment Corp, which has 120 gigawatts of power generating capacity in 41 countries, aims to add 30 gigawatts worldwide through 2020.
https://finance.yahoo.com/news/chinas-s ... 03106.html
Cemig, as the company is widely known, plans to auction the assets of its telecoms unit, Cemig Telecom, for a minimum of 367 million reais ($96.9 million) as part of a plan to reduce its large debt load.
But the interest level in the unit, and its fiber optic network stretching 5,900 miles (9,500 km) across some of Brazil's wealthiest and most industrial states, could push up that figure.
The 16 interested parties have signed confidentiality agreements in order to participate in this stage of the process, the person said.
https://finance.yahoo.com/news/brazils- ... 11565.html
Renova also reports that it has received non-binding offers for acquisition of this asset from several investors, and that these are in the process of due diligence.
No exclusivity has been given to any of the parties interested
http://cemig.infoinvest.com.br/enu/1654 ... S3_ing.pdf