Brazil's state-controlled power holding company Eletrobras (ELET5.SA) said on Monday that a shareholders assembly approved the sale of a controlling stake of power distribution company Celg-D.
Eletrobras, or Centrais Elétricas Brasileiras SA, plans to privatize Celg-D in an auction at Sao Paulo-based exchange BM&FBovespa in a date yet to be defined, but possibly in December.
The minimum price for Celg-D, a distributor serving the agricultural-rich Goias state, was set at 1.8 billion reais ($577 million).