SAO PAULO (Reuters) – The chairman of Brazil’s investment bank BTG Pactual, billionaire Andre Esteves, is expected to join the board of power generator Eneva, according to a proposal released on Friday for Eneva’s shareholders’ meeting.
Under the proposal, Eneva’s board of directors, composed of seven members, would see two new members as two others exit. Rodrigo Santos Coutinho Alves, who is also a partner at BTG Pactual, was nominated in addition to Esteves.
The arrival of two new members from BTG, Eneva’s largest shareholder, reinforces the bank’s bet on the power generator.
Eneva is currently one of the largest gas-fired thermoelectric generators in Brazil and has been increasingly competing for space in the sector with other major generators, such as Petrobras and Ambar, from the J&F group.
Last year, the parties announced an operation that involved Eneva’s incorporation of thermoelectric plants that belonged to BTG, as well as a billion dollar follow-on share offering by the generator, almost entirely subscribed by the bank, which increased its stake in Eneva’s capital.
Eneva also proposed the re-election of five current members of its board. The shareholders’ meeting is set for April 30.
(Reporting by Leticia Fucuchima; Additional reporting and writing by Isabel Teles; Editing by Alison Williams)
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