Draft bill approved for Eletrobras sale

Brazil

SãO PAULO, July 6, 2018 – Brazil’s Chamber of Deputies has approved a draft law allowing for the sale of six Eletrobras subsidiaries, international media reported Thursday.

The text of the draft, passed in a 203-123 vote, will be modified next week before moving to the Senate for approval.

The vote comes just over a week after Supreme Court Justice Ricardo Lewandowski issued a ruling that Congress must sanction the sale of stakes in government-owned companies.

The government’s divestment of the Eletrobras subsidiaries was initiated by President Michel Temer’s administration and is expected to raise USD 3.2 billion.

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