Portugal puts 31.5 pct of national postal company up for sale

5 September 2014

The Portuguese government plans to sell the 31.5 percent stake that the state still holds in Portuguese postal company CTT – Correios de Portugal, state shareholdings company Parpública said in a statement issued via the market regulator.

The statement issued on the website of Portuguese stock market regulator CMVM, said that the stake sale will be directed exclusively to institutional investors and qualified institutional investors in the United States and that the government has mandated the Caixa Banco de Investimentos and JP Morgan as global coordinators of the sale.

The State, via Parpública, still holds 31.5 percent of CTT and with the approval of the sale of the remaining capital in a Council of Ministers Meeting Thursday the government has “started a process of sale” of CTT, according to the statement.

“Accordingly, Parpública announces that it will proceed with the launch of a private offering to sell up to 47,253,834 shares of CTT, subject to demand, price and market conditions,” said the statement.

These shares were already listed on the stock exchange but once the sale is completed CTT’s capital will be entirely in the hands of private investors. (macauhub/PT)