The Portuguese government is gearing up for the sale of up to 70% of the CTT postal service operator, as part of the effort to raise funds to reduce the state’s overall debt load.
The indicative value of the 70% stake is €600 million, according to media reports. After a number of interested parties dropped out from a direct sale of the stake, including Brazil’s postal service, the Montepio bank and the Grupo Rangel industrial group, the government has decided on a retail offer of shares in CTT.
If the privatisation proceeds it will be the first state share sale on the Lisbon stock exchange since 2008. The sale will include a 5% block of shares reserved for CTT employees, at a discount to the sale price. The privatization will likely use Portuguese banks to distribute the shares, as has been the case in previous IPOs of state-controlled companies.
The state will retain at least 30% of CTT after the share sale. BPCC
