|Day's Range||15.75 - 16.74|
|52 Week Range||15.41 - 30.41|
|PE Ratio (TTM)||2.84|
|Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Eletrobras' (ELET5.SA) chief executive, Wilson Ferreira Jr, will remain in the post at the state-controlled holding company despite controversial remarks he made about some of the company's managers, Deputy Energy Minister Paulo Pedrosa told Reuters on Friday. Newspaper O Estado de S.Paulo on Thursday posted on its website a recording of comments made by Ferreira during a meeting with union leaders in which he criticized some managers at Eletrobras and said they were "bums" taking advantage of benefits provided by taxpayer money. There is no crisis at Eletrobras," Pedrosa told Reuters in a telephone interview.
Brazilian federal police searched the headquarters of a unit of state-controlled power utility Centrais Elétricas Brasileiras SA on Thursday as part of a corruption investigation. According to a statement, the operation was driven by suspicions of graft and money-laundering in dealings involving an unspecified hydropower dam held by the Furnas Centrais Elétricas SA unit and former lower house Speaker Eduardo Cunha, who is currently under arrest. Police served 33 search-and-seizure warrants in São Paulo and Rio de Janeiro, the statement said.
Chinese power utilities and foreign investment funds are seen as the likely bidders in upcoming asset sales in Brazil's electricity industry, as debt-laden state utilities seek to root out years of political mismanagement and balance sheet overstretching, according to lawyers familiar with the market. Centrais Elétricas Brasileiras SA, known as Eletrobras, and Cia Energética de Minas Gerais SA, known as Cemig, plan to divest generation and transmission assets, including their stakes in some of Brazil's largest hydroelectric dams - Santo Antônio and Belo Monte. Large Chinese strategic investors will probably be the winning bidders for the dams, because the size of the projects fit their strategies better and they would be willing to pay more, said Tiago Figueiró, who is part of the team involved in electricity industry issues at São Paulo-based law firm Veirano Advogados.