Comp En De Mn Cemig ADS American Depositary Shares (CIG) Company Bio
Companhia Energética de Minas Gerais S.A. engages in the generation, transmission, distribution, and trading of electric energy in Brazil. It also distributes natural gas. The company was founded in 1952 and is based in Belo Horizonte, Brazil.
The executive board of Brazilian power firm Cemig has approved a voluntary buyout program for up to 1,000 employees, according to an internal document seen by Reuters on Monday. The Brazilian state of Minas Gerais is Cemig's majority shareholder.
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Brazilian power distributors have asked the government for financial support as falling demand for electricity during the coronavirus pandemic undermines their operations and weakens their balance sheets. In a webinar on Friday, the chief executives of some of Brazil's largest distributors discussed a potential support package that could involve emergency loans, including from the national development bank BNDES, in addition to the use of Treasury financing and industry funds to support the companies during the crisis. The electricity distribution sector was hit hard by the public health crisis, which may put Brazil into a recession, according to some analysts' estimates.