Abradin, an association that represents minority shareholders in publicly traded companies, will have a meeting next week with the minister of the Federal Audit Court (TCU) Vital do Rêgo to question the values of the Eletrobras privatization operation.
According to the entity’s president, Aurélio Valporto, the values and parameters used in the pricing of permanent assets of Eletrobras, such as plants and transmission lines, were undervalued and would be worth about ten times more.
The assessment is similar to that already expressed by Vital do Rêgo, who asked for a review of the process at the TCU last week, preventing the realization of the capitalization offer of the electric company within the deadline desired by the government.
In the Court’s first analysis, Vital even spoke of a billion-dollar underestimation due to the fact that the grant bonus calculations did not consider the power reserves of the state-owned hydroelectric plants. This question, however, was debated and overcome among the ministers.
To Reuters, Valporto said he sent Vital documents that prove this understatement. According to him, if the company is sold at the price proposed by the government, in the future, new shareholders could ask for tariff increases on the grounds that the current tariff does not remunerate them.
“It’s like they’re selling a house with a bag of gold buried in it, but without pricing the bag of gold,” he said.
Valporto said that the entity is still considering going to court with a public civil action to question the operation.
Last week, PT parliamentarians filed a popular action to try to prevent privatization, also alleging problems in the pricing of Eletrobras.
A source close to the Eletrobras privatization negotiations rejected Abradin’s arguments and claimed that the calculations were made with solid bases and parameters.
According to this source, who spoke on condition of anonymity, as Eletrobras will sell energy at market prices, there would be no way shareholders could ask for a review of values later. “This makes no sense and we remain optimistic with the operation”.
After Vital do Rêgo’s request for a review, the expectation is that the Eletrobras privatization process will be guided and discussed again on May 18, with a focus on the modeling and prices of the share offering.
The government started to plan to carry out the capitalization until July of this year, said last week the Minister of Mines and Energy, Bento Albuquerque.