November 27, 2018 / 10:19 AM / 16 days ago

Brazil electricity distributor Light scraps share offer plan - filing

RIO DE JANEIRO, Nov 27 (Reuters) - Brazil’s Light has dropped a plan for a share offering after its controlling shareholders blocked the move due to market conditions, the electricity distributor said on Tuesday.

The company, controlled by Brazil’s state-run utility Companhia Energética de Minas Gerais (Cemig), said in August it was considering a share offer and said it had a preliminary agreement with the Brazilian private equity firm GP Investments Ltd to buy part of its shares.

The share offer was ruled out by the firm’s main shareholders at a meeting on Nov. 26. “Light will continue to monitor market opportunities to optimize its capital structure,” the company said. (Reporting by Alexandra Alper Editing by Edmund Blair)

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