LISBON, Portugal – Portugal’s government has announced plans to sell up to 70 per cent of the state-owned mail company CTT-Correios de Portugal.
A statement after the government’s weekly Cabinet meeting on Thursday said part of the privatization will be through an initial public offering, with 5 per cent of those shares set aside for postal workers. Staff will have a 5 per cent discount on the public share price.
Another block of shares will be sold to financial institutions.
The statement said the share price will be announced at a later date. It gave no further details, including the date of the sale.
CTT had operational revenue of 711.7 million euros ($962 million) and a consolidated net profit of 38.6 million euros in 2012, according to its annual report.