Tarcísio sells Sabesp below market value to private company and claims to have made history

247 - Governor Tarcísio de Freitas (Republicans) participated on the morning of this Tuesday (22) in a ceremony that concluded the privatization process of the Companhia de Saneamento Básico do Estado de São Paulo (Sabesp). The largest sanitation company in the country, which recorded a net profit of R$ 3.1 billion in 2023, had 32% of its shares sold below the average price.

Tarcísio celebrated the sale of the company on social media and said he "made history" by handing the company over to the private sector. “We made history! The national reference company in basic sanitation becomes even stronger from now on. A flood of private investments to bring water to the tap and sewage for everyone. Faster, better, cheaper sanitation for all!” he posted on X, formerly Twitter.

Sabesp shares were sold at R$67 each, 18.3% below the R$87 closing price on the Stock Exchange last Thursday (18). The sale of 32% of the company resulted in R$ 14.8 billion for the coffers of the São Paulo government and represents a loss of at least R$ 4.5 billion to state coffers. The value is almost a third of the R$ 14.8 billion raised with the privatization.