When Companhia Energética de Minas Gerais (Cemig)
followed through on its promise to increase the free float of
shares of its subsidiary last year, the company put its strong
relationships with investors to the test.
Best Corporates: Open for business
When it comes to communicating its strategy to the market, Cemig is in a league of its own
It had to convince buyers to overlook the illiquid trading
levels at Transmissora Aliança de Energia
Elétrica (Taesa) and instead accept pricing of the 27
million units (a unit is one ordinary and two preferred shares)
through a price range as if it were an IPO. The range was based
on the valuation of the research analysts in addition to
A global investor education effort involved speaking to more
than 110 accounts and included three analysts.
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