Portugal approves sale of state-owned CTT postal service

Portugal approved the sale of the remaining 31.5 percent of its state-owned postal service CTT on Thursday at a council of ministers meeting.

Secretary of State of Finance Manuel Rodrigues said the sale also included a batch of 1.5 percent which the state had reacquired.

He said that the sale could be done through a direct sale to institutional investors, as opposed to the last sale which was carried out through shareholding.

The sale follows a process the government started in 2013, when it sold 70 percent of CTT and raised 450 million euros in a public offering, as part of a privatization plan included under the terms of the 78-billion-euro bailout program the country signed in May 2011 with its international lenders.

Read more: Portugal approves sale of state-owned CTT postal service | neurope.eu.