AEP exits Grupo Rede
Bnamericas Published: Wednesday, October 22, 2003
US power company AEP has sold out of Brazilian distribution holding Grupo Rede, according to a statement to the Sao Paulo stock exchange (Bovespa), which did not disclose the price. AEP unit CSW Vale LLC sold its 43.8% stake in Empresa de Eletricidade Vale Paranapanema - which operates the Grupo Rede brand - and 20% of Paranapanema subsidiary Caiua Servicos de Eletricidade to Brazilian electric power holding Denerge. Cauia is the direct controller of Grupo Rede distributors CNEE, EEB, CFLO, Celtins, Cemat and QMRA, the latter of which owns Celpa. These distributors serve over two million customers in states covering 30% of Brazil's national territory. The purchase increases Denerge's stakes in EEVP and Caiua to 100%, and was part of Denerge's plans to consolidate its ownership of the companies.
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