Our investment in CEB (Companhia Energética de Brasília)

Buying CEB shares in 2019 was a risky but worthwhile gamble.

CEB (Companhia Energética de Brasília) was a state-owned company controlled by the Federal District government.

Privatization of the company was a possibility, which could generate good returns.

We decided to invest, starting with a small amount and gradually increasing it until we had 10% of the fund invested in CEB.

In March 2021, the privatization was completed for a greater amount than we expected.

Even so, the market took time to properly value the shares. For months, CEB's stock market value was below its cash position.

We maintained our investment for another year and sold it in 2022, with a 5x return on invested capital.