Cemig and Copasa shares fall after federalization proposal to pay off MG’s debt with the Union

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Cemig (CMIG4) fell 9.71%, to R$ 11.35; Copasa (CSMG3) fell 2.83%, to R$18.17. Cemig and Copasa shares fall after federalization proposal to pay off MG’s debt with União Cemig/Disclosure The shares of Companhia Energética de Minas Gerais (Cemig) and Companhia de Saneamento de Minas Gerais (Copasa) closed the trading session falling this Wednesday (22), following concerns from investors about a possible federalization of companies. Cemig (CMIG4) fell 9.71%, to R$ 11.35. Copasa (CSMG3) fell 2.83%, to R$18.17. With a discreet increase of 0.33%, the Ibovespa (IBOV) reached 126 thousand points. The federalization plan is included in an alternative proposal to the Fiscal Recovery Regime (RRF) for paying the state’s debt to the Union, which was classified by governor Romeu Zema (Novo) as a possible “definitive solution” to the problem. Zema says that a proposal that includes federalization of state-owned companies could be a solution to the debt owed to the Union. She also mentions the Minas Gerais Economic Development Company (Codemig). The company does not trade shares on the Brazilian stock exchange, B3. This Wednesday, Zema met with the Minister of Finance, Fernando Haddad, and the president of the Senate, Rodrigo Pacheco (PSD), in Brasília, to discuss the matter. One day earlier, the project was presented by Pacheco to President Lula (PT). “I am extremely satisfied with the two meetings we had. In my opinion, after decades, perhaps the indebted states, including Minas Gerais, will have the prospect of having a definitive solution to this billion-dollar debt issue,” said Zema. In addition to the federalization of companies, the proposal provides for the transfer of credits to the Union, linked to the agreement under discussion on repairing the damage caused by the collapse of the Samarco dam in Mariana, and the institution of a new Refinancing and Fiscal Regularization Program in Rio Grande do Norte (Refis) for the states. Alternative to the RRF Currently, Minas Gerais’ debt to the Union is around R$160 billion. Governor Romeu Zema sent a bill to the Legislative Assembly that authorizes the state to join the RRF. However, the president of the Senate, Rodrigo Pacheco, and the president of the Assembly, Tadeu Martins Leite (MDB), argue that the RRF will not solve the debt problem, in addition to sacrificing civil servants. The plan foresees the granting of two inflationary adjustments in nine years and, according to the state government’s projection, the debt with the Union will rise to R$210 billion at the end of this period. “Instead of having a debt of more than R$200 billion in the future, we are providing guidance for the payment of the debt, unlike the Fiscal Recovery Regime”, said Rodrigo Pacheco this Wednesday, after the meeting with Zema . The Ministry of Finance stated that it will not comment on the matter. This Tuesday, President Lula said that the federal government will seek a “friendly solution”, which is sustainable for MG and the Union, and study the ideas presented. MORE Tax Recovery: ‘Huge sacrifice by the state’ The most viewed videos on g1 Minas:

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