Shareholders of Companhia Energética do Ceará - Coelce (BOVESPA:COCE5) authorized the company to sell its majority stake in Celg Distribuição S.A. Eletrobras plans to sell its 51% stake in Celg Distribuição S.A. for at least BRL 1.43 billion, according to a statement. The Centrais Eletricas Brasileiras SA is seeking to sell some operations as part of a government effort to raise cash. “Now we will open our books and the company can be auctioned in March,” Sinval Zaidan Gama, Chief Executive Officer of Celg Distribuição, said in a telephone interview from Goiania, in Goias state.

“Eletrobras will be able to have more cash. Shareholders delayed a scheduled vote to authorize the sale of six other distributors,” said Sinval Zaidan Gama. Companies including Enel SpA (BIT:ENEL) and State Grid Corporation of China have already shown interest in buying Celg Distribuição. Regulators and executives had already approved the sale.