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19 April 2004 - Brazilian power distributor Celg said Friday it plans to raise as much as $125m on international markets to finance the expansion of its power supply network, reports Business News Americas.
Most of the money would be invested in several substations in the center-west state of Goiás where the company operates. The permission for the loan was given at a shareholders meeting on March 26 and the company's management is now making first contacts with banks to obtain the loan, a company spokesperson told BNamericas.
The company does not yet have a schedule for the loan. The investment is part of the company's long-term plans which aim to attract as much as $346m in investment in the state through 2008.
Celg has recently restructured a 1bn-real ($340m) debt with federal power holding company Eletrobrás and posted a 308m-real net profit in 2003. The company's results have increased the its capacity to raise money in financial markets
The investment in 2003 was around 150mnreais and the company said it planned to invest 441mnreais in 2004. Celg serves 1.65 million clients and 3.7 million users in a concession area covering 90 per cent of Goiás state.
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