SAO PAULO, March 23 (Reuters) - Cia Energética de Minas Gerais SA plans to sell a bigger stake than initially planned in subsidiary Light Energia SA, which wants to speed up the process to help reduce its debt, a person with direct knowledge of the plan said on Thursday.
According to the person, Brazil’s No. 3 power utility known as Cemig plans to sell about 36 percent of Light at an auction, instead of the roughly 27 percent initially considered.
Currently, Cemig has a 26 percent direct stake in Light, plus another 26 percent stake held indirectly through an investment vehicle.
Press representatives for Belo Horizonte, Brazil-based Cemig and Rio de Janeiro-based Light did not immediately respond to requests for comment. (Reporting by Guillermo Parra-Bernal; Additional reporting by Brad Haynes; Editing by Bernadette Baum)