Development Bank shortlists four companies for privatization this year
The Brazilian Development Bank foresees that it is still possible to sell at least four more state-owned companies this year. These processes are being structured by the bank: Ceasaminas (food supply center), power generation company CEEE-G, Belo Horizonte-based urban mobility company CBTU, and gas distributor ES Gás.Brazil will hold elections in October, but they are unlikely to impact the sales processes, said Fábio Abrahão, head of concessions and privatization at BNDES. "These are projects in a more advanced stage, which have already gone through internal stages in the Executive and Legislative branches. So we see no interference," he said.Santos Port Authority (SPA), the company that manages the Port of Santos, was also high on the federal government’s privatization list, but the sale is unlikely to be concluded on time as well. "We want to launch the public notice this year in order to have the auction ready [for 2023]. This is a very complex process, which has to be done carefully," Mr. Abrahão said.The IPO of Companhia Riograndense de Saneamento (Corsan) was on the list before being canceled on Wednesday after the Rio Grande do Sul Court of Accounts (TCE-RS) determined the suspension of the process. The state government is now working on a new model to sell all shares in the company.Corsan CEO Roberto Barbuti said it is still feasible to hold the auction in 2022, at least from a technical standpoint. The idea would be to launch the call for bids soon after the second round of elections, in October, and hold the competition in December.The executive evaluates that the studies required for the new modeling are not that complex. The idea is to repackage the work done so far, he says. Some steps will not have to be redone, such as the negotiation with the municipalities. However, the new model must include public hearings and new rounds of talks with the market, since the profile of the interested parties tends to change.In the sector, however, the prevailing assessment is that it will be very difficult to conclude the process in 2022, mainly due to the elections.In addition to political turbulence, each specific project faces its own particular challenges of attractiveness and pricing.The next privatization auction is expected to be that of Rio Grande do Sul-based CEEE-G (Companhia Estadual de Geração de Energia Elétrica). This is the second attempt to sell the company. The first one, in March, was canceled due to the lack of...
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