Brazil's Cemig considers IPO of its gas distribution unit

State-run power utility Companhia Energética de Minas Gerais (Cemig) is considering an initial public offering of its gas distribution unit Gasmig, a company director said.

Cemig could reduce or sell its full stake during the IPO, Daniel Faria Costa, a Cemig director, said during a conference call. He also noted Cemig is in the final stages of closing an agreement with the Minas Gerais state government to extend Gasmig’s gas distribution contracts through 2053.

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