So we understand the differences, but there are referenced. In terms of the political environment, I believe that there are challenges. Eletrobras is addressing them, and we have ours, but we believe that this process will progress and at the end of the day, this is a decision made by the controller, the State of Paraná and they are actually very engaged in this — so for the process to move forward and as fast as possible because they see it as a way to unlock a lot of value for the company and for all stakeholders in the process as I mentioned earlier.
Operator: Next question, Marcos .
Unidentified Analyst: Good morning. Congratulations on your results. I’d like to know if the controlling shareholder will sell the totality of their shares, or what percentage they will sell for the company to become a company without a controlling shareholder? Is it only going to be a secondary offer? Will there be a capital increase through new issue of shares? Thank you.
Daniel Slaviero: Okay. I’ll break down your question a little bit. It’s a very important question, very compliant to the discussions we’re holding. In terms of the controller, they publicly announced that they will not hold less than 15% of the total capital of the company. The State of Paraná today holds 31%, and they will sell a limit of 15 — until they get a limit of 15%. The expectation is to be slightly above that. So that’s one point. The secondary offer, as for potential primary part, we understand that it may be very interesting for the company, especially considering the commitments we already mentioned with the payment of the grant bonus of the three plants that we don’t know the value of yet, but it will certainly be in the billion rounds, but it’s a very significant commitment.
The company has the balance, and there’s room for it, but we’re also looking at the moment and the structure and the cost at whether they’re worth it or if we should require part of a primary, that’s the discussion at this time. And as we have more advisers in the process, they will also help the company reach a scenario, or the ideal scenario that will be submitted to the governance bodies, in particular, the Board of Administration and then probably will be informed to the markets. But I’m going around to say that the company’s intention is to have a small share of primary as well in the process in order to face the commitments for grant bonus.
Operator:
Marcus Flutie .:
Unidentified Analyst: So how’s the company’s privatization process? What are the next steps? Thank you.
Daniel Slaviero:
Flutie:
Operator: Next question, Marcelo Sá.
Marcelo Sá: Hello everyone. When do you expect BNDES to make a position as for the offer? Do you see room to sell any share? Do you believe the market may become cautious if BNDES does not sell and ends up becoming the largest shareholder? I know there’s a question of limitation of power of votes, but there are investors that are worried that this will be turned down in the legal system.
