Portugal raises $784M from sale of postal service

Save Story
Leer en EspaƱol

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

LISBON, Portugal (AP) - The Portuguese government is getting more than 578 million euros ($784 million) from the privatization of a 70 percent stake in national mail company CTT - Correios de Portugal.

Parpublica, which manages state holdings, said in a statement Tuesday that the initial public offering attracted buyers for the full 105 million shares being sold in CTT, S.A.

It said institutional investors took 84 million shares and individual buyers got 21 million, including CTT employees who were entitled to a discount on the share price of 5.52 euros.

Shares are due to start trading on the Lisbon stock exchange on Thursday.

Portugal is privatizing companies to reduce its debt load as part of a 78 billion-euro bailout it received in 2011.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Most recent Business stories

Related topics



Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the KSL.com Trending 5.
By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

KSL Weather Forecast