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Shareholders in Brazilian power firm CEB approve unit privatization

·1 min read

RIO DE JANEIRO, Oct 13 (Reuters) - Shareholders in CEB, a power company controlled by the government of Brazil's Federal District, have approved a plan to sell the firm's power distribution subsidiary for at least 1.42 billion reais ($255 million), the company said on Tuesday.

In a securities filing, Companhia Energetica de Brasilia , said the plan to sell CEB Distribuicao was approved during the company's general meeting. The privatization and price floor were approved by the board in September.

CEB officials have been mulling the privatization for over a year, a move that they hope will shore up the company's finances.

The company operates in the Federal District, where capital Brasilia is located, and adjacent parts of neighboring states.

(Reporting by Gram Slattery; Editing by Richard Chang)