São Paulo – São Paulo state governor Tarcísio de Freitas started Monday (24) in the United States a series of meetings with representatives from private companies and investment funds to present the model of public offering of stocks of local water utility Sabesp that kicked off last Friday (21).
The delegation accompanying the governor consists of Rafael Benini, secretary of partnerships and investments, Natália Resende, of environment, infrastructure and logistics, and Lais Vita, of communications, and will have appointments in New York and Boston .The group will then move on to the United Kingdom and Portugal in search of interest buyers for the company’s shares.
Stock offering
The São Paulo state government kicked off last Friday the share offering as part of the last stage of the privatization of the water and sewage company. Earlier this month, the state government announced it will retain 18.3% of the company’s stocks. The state currently owns 50.3%, with the rest in possession of companies and individuals.
According to the government, the stock sales will be divided into two lots – the first, of 15% of the shares, will be targeted at a benchmark investor, while the second, at 17%, will be open for the market, including individuals, firms, and company employees. The company’s shares, currently at BRL 75 (USD 14), increased over 40% in prices over the past 12 months.
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Translated by Guilherme Miranda
