November 18, 2013 / 7:33 PM / 5 years ago

Portugal sets price range in postal privatization

LISBON (Reuters) - Portugal’s government has set the price in the privatization of postal service CTT at a range of 4.10 euros per share to 5.52 euros per share, the government said on Monday.

Portugal's Prime Minister Pedro Passos Coelho reacts during the presentation of the 2014 state budget at parliament in Lisbon November 1, 2013. REUTERS/Hugo Correia

The price interval means that the government will raise between 430 million euros ($581 million) and 580 million euros in the planned sale of 70 percent of the postal service, which will take place via a stock offering for retail and institutional investors.

The privatization process launched in July is part of state asset sell-off demanded as a condition of the country’s EU/IMF bailout agreed in mid-2011.

“The unit price per share to be sold through the public share offering will not be lower than 4.10 euros nor above 5.52 euros per share,” the government said in a statement.

The sale will take place by the end of the year. J.P. Morgan is global coordinator and bookrunner in the initial public offering while BBVA and Espirito Santo Investment are co-leads.

Reporting By Axel Bugge; editing by Tom Pfeiffer

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