PORTUGAL's national postal service CTT Correios de
Portugal is to be disposed of in a sale of its 70 per cent share raising
profits of EUR578 million (US$783 million) of which at least 30 per cent will
be purchased by foreign investors.
The 483-year-old service, founded in 1520 as Correio
Publico, has been valued on the Lisbon Stock Exchange at EUR831 million with
the sale set of 105 million shares at EUR5.52 per share.
The Portuguese government has decided to privatise
following the UK's flotation and sale of 60 per cent of the Royal Mail in
October, reported the UK's Transport Intelligence.
The state needed to stem CTT's declining revenues, down
3.5 per cent to EUR349 million first half 2013 and despite staff cuts of 939
fewer employees on the payroll during the six month period.
Potuguese Economics Minister Antunio Pires de Lima said
privatisation would "maximise revenue for the state without compromising
the strategic objectives of the company and paves the way for other companies
to disperse capital or finance themselves by this means".
Source : HKSG.
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