CEDAE Plans Share Sale

Companhia Estadual de Aguas e Esgotos (Cedae) is preparing an IPO, according to regulatory documents. The Rio de Janeiro state water utility does not indicate the timing or the number of shares to be sold. The offer will include primary shares as well as secondary shares sold by the government. Proceeds are to be used to fund expansion and maintenance projects. Bank of America Merrill Lynch, Bradesco, BTG Pactual and Itau have been hired to manage. Cedae booked BRL842m ($417m) in Ebitda in 2011, down from BRL880m in 2010.