Cemig reduces slice on Light to 22.6% after stock offering

SÃO PAULO (Reuters)-state-owned mining company Cemig reduced its stake in Light electricity from almost 50% to 22.6%, after a public offer of shares closed on the eve, according to corporate announcements on Wednesday night. The offer negotiated 100 million of new shares of Light and 33,330,000 of papers held by Cemig in the company, 18.75 reais per share, said to Light in highlighting the liquidation of the operation. Light also said that the board of Directors of its wholly owned subsidiary Light Electricity Services convened an assembly to deliberate on a capital increase of 1.83 billion reais with resources from the public offering. Cemig, separately, stated that the sale of part of its shares in Light "is inserted in the context of implementation of the CEMIG's disinvestment program, as widely disclosed." The state-owned mining, which operates in the generation, transmission, distribution and commercialization of energy, has sought to sell assets to reduce debts. Light is responsible for the distribution of electricity in the metropolitan region of Rio de Janeiro and has still generation assets.