Portugal raises $784M from sale of postal service

Associated Press + More

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.

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