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Privatizations will occur gradually and steadily, says Salim Mattar

Privatization

Secretary attended today (25/7) a ceremony at B3, in São Paulo, which marked the public offering of the shares of BR Distribuidora and IRB

Salim Mattar, special secretary for privatization, divestment and markets of the Ministry of Economy, declared on Thursday that the government is working to make the privatization of state-owned companies as good as possible and always looking after the assets of the state. Brazilians. “We have an obligation, a duty to ensure the good of the taxpayer. The privatization process will be done in a careful, gradual and constant way, ”he said. 

The secretary participated today in two ceremonies at B3 (Brazil, Bolsa, Balcão), former Bovespa. The first was the one that marked the public offering of secondary distribution of common shares of BR Distribuidora and, subsequently, the one that marked the secondary public offering of shares of the Union and Banco do Brasil at the Brazilian Reinsurance Institute (IRB). 

Both actions, according to Salim Mattar, aim to reduce the size of the state and better allocate public resources. "These transactions should be seen as a signal from the Bolsonaro government that the state is now looking at the population and not managing companies," he said. 

Salim Mattar recalled the high cost that dependent state companies represent for the Brazilian state. According to him, in the last ten years the Union has invested about R $ 160 billion. “Brazilian society has changed and recognizes the cost of these state-owned companies,” he said. 

Petrobras President Roberto Castello Branco said Petrobras will focus on oil and gas exploration activities and move its companies from other segments to the private sector.

With the sale of 30% of Petrobras shares in BR Distribuidora, the state-owned company ceases to be the company's main shareholder and now holds 37.5% of the company's shares. This is the first model of privatization made through public offering.

Rafael Grisolia, president of BR Distribuidora, stated that the company will review contracts and implement a set of ten themes that should be put into practice in the coming months.

 IRB

 At the ceremony marking the secondary public offering of IRB shares, Salim Mattar highlighted the results of the privatization of the Brazilian Reinsurance Institute, when União and Banco do Brasil Seguridade sold their stakes and the company became the first Corporation in the sector.

“IRB was privatized in 2013 worth R $ 2.6 billion. The company appreciated 960% until the sale of the rest of the government stake. The entrepreneurial state leaves the reinsurance business for good. We are watching over the Brazilian Constitution, ”concluded the secretary.