Centrais Eletricas Brasileiras SA, Latin America’s largest utility, is delaying a 10 billion real ($5.3 billion) dividend as it negotiates timing of the payment with Brazil’s government, its biggest shareholder.
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The delay underscores the risks for shareholders in state- run companies, said Edison Garcia, superintendent of Brazil’s Minority Shareholders Association, which represents investors with about 300 billion reais in assets. Nine of the 58 companies in the Bovespa stock index are controlled by the federal or local governments.
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