|Bid||2.01 x 200|
|Ask||2.14 x 100|
|Day's Range||1.95 - 2.66|
|52 Week Range||1.95 - 2.66|
|PE Ratio (TTM)||153.85|
|Forward Dividend & Yield||0.00 (0.00%)|
|1y Target Est||N/A|
Companhia Energetica de Minas Gerais' (CIG) third-quarter 2017 bottom-line results suffered from rise in operating expenses and equity method losses.
Brazilian state-run electricity company Companhia Energética de Minas Gerais SA has dismissed its business development director, two sources with knowledge of the matter told Reuters. Cesar Vaz Fernandes's exit will be followed by management changes that will affect at least two other top executives, one of the sources said. Cemig, as the company is known, did not have an immediate comment.
Brookfield Asset Management Inc has refrained from improving an original bid for Brazilian renewable power company Renova Energia SA, after due diligence proceedings showed liabilities that were unaccounted for, a person with direct knowledge of the situation said on Thursday. Brookfield is leaning toward presenting a bid to Cia Energética de Minas Gerais SA and Light SA, valuing their combined 67 percent voting stake at the equivalent of 9 reais ($2.85) per unit of Renova, said the person, who asked for anonymity because the transaction remains private. A final round of auditing in Renova showed an unnamed project bore a shortfall that had been previously unaccounted for, the person said, without elaborating.
The No. 1 shareholder in Cia Energética de Minas Gerais SA has decided to oust Chief Executive Bernardo Alvarenga and three senior executives after the debt-laden power utility lost control of four dams and took too long to shed assets, two people directly involved in the matter said on Friday. The Brazilian sate of Minas state, which has 51 percent voting control of the utility known as Cemig, will announce the ouster of Alvarenga and three senior vice presidents after their replacements have been found, one of the people said.
Cia Energética de Minas Gerais SA and a subsidiary plan to exit their controlling stake in Brazilian renewable power company Renova Energia SA as Brookfield Asset Management Inc considers raising a takeover bid more than initially expected, two people with direct knowledge of the matter said on Friday. According to the people, who requested anonymity because the talks remain private, Brookfield would offer Cemig and subsidiary Light SA the equivalent of 11.75 reais ($3.72) per unit of Renova. Reuters reported on Sept. 19 that Brookfield was considering proposing to buy each unit of Renova at 11.25 reais to persuade both shareholders into selling their combined 64.4 percent stake.
Latin American currencies weakened on Wednesday as the market digested comments from Federal Reserve Chair Janet Yellen which seemed to confirm that further U.S. interest rate hikes are coming soon. In an address on Tuesday, Yellen said it would be "imprudent" to keep rates on hold until inflation accelerates to the U.S. central bank's 2 percent target. U.S. President Donald Trump's plan to slash rates on businesses and the wealthy could also speed up consumer price increases, paving the way for tighter monetary policy.
Latin American currencies weakened on Tuesday, weighed down by continuing tensions between North Korea and the United States, as well as the prospect of higher U.S. interest rates. North Korea's foreign ...
The new growth strategy being evaluated by Brazil's Vale would only be implemented once the company meets its debt reduction targets, an executive director for the world's largest iron ore producer said ...
The Brazilian real plunged on Tuesday as a Supreme Court judge authorized a fresh investigation into beleaguered President Michel Temer for suspected corruption. Justice Luis Roberto Barroso authorized the investigation of Temer on suspicion of graft charges involving a decree regulating ports, adding to corruption allegations the president has so far parried with backing from Congress.
The Brazilian real weakened on Tuesday after police said they suspected President Michel Temer, alongside a group of close aides from his party, participated in illegal acts. In a report on Monday, police ...
In a surprise move, a unit of Andrade Gutierrez SA, a Brazilian infrastructure and energy conglomerate, decided to leave the controlling bloc of Cia Energetica de Minas Gerais SA, putting an end to months of tension with the Brazilian power utility's largest shareholder. In a Thursday filing, the utility known as Cemig said that AGC Energia S/A, a subsidiary of Andrade Gutierrez, said it would sell its stake in the company through a bloc trade, without elaborating. For almost 15 years, Andrade Gutierrez was part of Cemig's controlling bloc with the Brazilian state of Minas Gerais.
The Chilean peso on Tuesday hit the strongest level in over two years as prices of copper soared, lifted by falling global inventories of the base metal, a key Chilean export. Benchmark copper futures ...
China's State Power Investment Corp plans to participate in the auction of four hydroelectric dams whose licensing was seized from Cia Energética de Minas Gerais SA in recent months, a person with direct knowledge of the situation said on Monday. The Chinese company, known as SPIC, has arranged the help of two unnamed investment banks to structure a proposal for the Miranda, São Simão, Jaguara and Volta Grande dams, said the person, who was not authorized to publicly discuss the matter and requested anonymity. The four dams, in the states of São Paulo and Minas Gerais, have a combined generation capacity of 2.9 gigawatts.
Selling Umburanas wind farm complex project to Engie Brasil will improve Renova's, unit of Companhia Energetica de Minas Gerais (CIG), liquidity position and lower capital spending needs.
Cia Energética de Minas Gerais SA missed second-quarter profit estimates as some costs rose faster than revenue and income from financial investments slumped, probably reflecting a decline in domestic borrowing costs. Net income was 138.11 million reais ($43 million) in the quarter, down 32 percent from the same period a year ago, Cemig said in a securities filing late on Friday. The number missed the average consensus estimate of 341.51 million reais compiled by Thomson Reuters.
Chinese investors may bid for assets belonging to Brazil's renewable energy company Renova Energia SA and power generation assets owned by Light SA, according to a letter sent to managers of the firms seen by Reuters. The plan announced by the company, known as Cemig, may entail the full sale of both Light and Renova. Cemig declined comment.
Chinese groups are interested in acquiring assets belonging to clean energy company Renova Energia SA and generation assets belonging to Renova's parent Light SA, according to a document seen by Reuters. ...
Latin American currencies strengthened on Friday after weaker-than-expected U.S. economic data reduced bets on a third U.S. interest rate increase this year, with Mexico's peso gaining to its strongest ...
The reluctance of Renova Energia SA's largest shareholder to give up management of the debt-laden Brazilian renewable power firm threatens to derail takeover talks with Brookfield Asset Management Inc, three people familiar with the matter said on Thursday. Power utility Cia Energética de Minas Gerais SA wants to be part of a Brookfield-led turnaround of Renova, two of the people said. The utility known as Cemig owns 34.2 percent of Renova.
Cia Energética de Minas Gerais SA will mainly use proceeds from planned asset sales to repay 5 billion reais ($1.5 billion) of debt maturing this year, as Brazil's most leveraged major power utility faces pressure from creditors to downsize quickly. In a Monday conference call with investors, Chief Financial Officer Adezio Lima said Cemig had decided to fully dispose of a majority, 43 percent stake in Rio de Janeiro utility Light SA and focus on in-house generation, transmission, distribution and sale of electricity. Cemig, Brazil's No. 3 power utility, is making headway on efforts to cut capital spending this year after losing the licensing rights for several hydropower dams and seeing a surge in fresh capital needs from some subsidiaries, Lima said.
The Mexican peso extended gains on Monday as investors hoped that talks between Mexico and the United States over the North America Free Trade Agreement could soon reach a favorable conclusion. After suffering ...
Brookfield Asset Management Inc has proposed buying out Renova Energia SA's controlling bloc as part of a sweetened bid to take over the debt-laden Brazilian renewable energy firm, two people with knowledge of the deal said on Friday. Under terms of a bid originally submitted on Monday, Brookfield would buy out the stake that Light SA has in Renova at an equivalent of 9 reais per unit. Canada's Brookfield, which has made a number of high-profile infrastructure and energy acquisitions in Brazil over the past year, would pay Renova's controlling bloc about 810 million reais ($247 million) for their stakes and pump about 800 million reais worth of fresh capital into the company, the same person said.
Companhia Energetica (CIG) was a big mover last session, as the company saw its shares rise over 6% on the day amid huge volumes.
Companhia Energetica de Minas Gerais (CIG), also known as CEMIG recently announced that it has decided to commence the sale of its entire equity interest in Light S.A. The move is in sync with the company's disinvestment plan for deleveraging its balance sheet.
Brazil's São Paulo state aims to sell control of Cia Energética de São Paulo SA by around September, two people with knowledge of the plan said on Thursday, marking the latest move by regional governments in Latin America's No. 1 economy to raise cash and exit the utility industry. According to the sources, who requested anonymity since the plan remains private, state officials and financial advisors are deciding on final terms for the sale - an auction to take place in the São Paulo Stock Exchange.