Sale of Portuguese postal company CTT expected to yield 600 million euros

10 September 2013

The Portuguese government expects to net 600 million euros from the sale of 100 percent of postal company CTT to private owners, Portuguese financial Jornal de Negócios said Monday.

The 600 million-euro figure was provided by the banks that are advising the Portuguese government in this privatisation.

Last Friday the decree law approving the privatisation of CTT was published. Whoever buys the company may be prevented from selling shares for a maximum period of five years and from selling parts of companies that are vital for CTT’s business.

The privatisation, which was approved by the government at the end of July, may be carried out in three ways: By direct sale of stakes via private negotiation with interested investors, through an initial public offering (IPO), a direct institutional sale, or a combination of these. (macauhub)