Eletrobras Coughs Up Overdue Dividends

After much speculation and anticipation by investors, Eletrobras has arrived at plan to distribute accumulated overdue dividends between 1979 and 1998. The total sum, to be paid out in 4 installments, is BRL10.3bn. Nearly all of it is owed to holders of ordinary shares. Holders of Eletrobras stock as of January 29 will be entitled to receive their share of dividends. Ordinary shares of Eletrobras rose 10.9% to BRL4.15 Friday on the news. Bloomberg reports that the company will sell up to $4bn in bonds to fund investment and hedge dollar debt, citing CEO Jose Muniz.