July 9, 2018 / 10:45 PM / 3 months ago

Brazil's Cemig delays auction of telecom assets to Aug. 8

BRASILIA, July 9 (Reuters) - Brazilian utility Companhia Energetica de Minas Gerais will delay the auction of its telecommunications assets until Aug. 8, the company said in a securities filing on Monday.

The auction was previously set for July 25. Cemig, as the company is known, is seeking to sell off assets to reduce its high debt levels.

The auction delay is intended to give bidders more time to evaluate the information they have been given and to help ensure competitive bids, Cemig said in the filing.

Cemig Telecom has drawn far more interest than had been initially expected, with 16 groups interested in bidding, Reuters reported last month, citing a person familiar with the matter. (Reporting by Jake Spring Editing by Tom Brown)

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