Workers who set aside part of the balance of the Severance Indemnity Fund (FGTS) accounts to buy Eletrobras shares will have about one third of the amount returned to the fund’s accounts. According to the final prospectus of the public offering of shares, released today (10) by the electric company, 66.79% of the amount reserved in each account will be used to acquire shares in the company.
The remaining 33.21% will return to the FGTS account, without prejudice to the worker, and will continue to be remunerated by the traditional income of the Guarantee Fund: 3% plus the Reference Rate each year. The partial return occurred because the workers’ demand exceeded the ceiling of R$ 6 billion allocated by Eletrobras for the share reserve.
Total demand was between R$8.8 billion and R$9 billion. According to the stock offering prospectus, in this case, part of the reserved amount would be returned to ensure that all workers who participated in the public offering could own Eletrobras shares.
With the partial return, those who reserved R$ 200, the minimum amount, converted R$ 133.58 into Eletrobras shares. Those who reserved BRL 10,000 had BRL 6,679 converted. Those who allocated BRL 50,000 had BRL 33,395 effectively invested.
Sale off
According to Caixa Econômica Federal, the settlement of the offer will take place next Tuesday (14), when the amounts effectively applied will come out of the FGTS account. However, the amount used for the purchase of shares already appears on the statement available in the FGTS application. Just open the program and click on “My FGTS”, and the amounts appear as withdrawals to the Eletrobras Mutual Privatization Fund (FMP-Eletrobras).
The booking process started last Friday (3) and ended at 12 noon on Wednesday (8). The unit price of the common share was fixed at R$ 42.
Technically, the reserved resource never left the worker’s account and continued to be remunerated on the days when the reservation took place. Anyone in doubt can access Caixa’s official channels, such as telephones 4004-0104 (capitals and metropolitan regions) and 0800-104-0104 (other regions).
Next steps
According to a statement published today (10) on the website of the Securities and Exchange Commission (CVM), the privatization process of Eletrobras has moved, so far, R$ 29.29 billion. In addition to the R$ 6 billion workers who invested with the FGTS, pension funds, retail investors, state investors and investment funds participate in the company’s capitalization process. hedge (funds seeking protection).
According to Eletrobras itself, until July 11, a new batch of up to 104.6 million shares will be offered, corresponding to 15% of the total number of shares offered to the market. This operation, which will mark the end of the privatization process, should move another R$ 4.39 billion, but the final amount will depend on investor demand.
Eletrobras’ privatization process takes place through share offerings that dilute the government’s stake in the company. At the end of the process, the government’s share should drop from 72% to 45%. In April, the Federal Audit Court (TCU) demanded a minimum share price to complete the privatization, but the value is kept secret as it involves negotiations in the financial market.
