Portugal sells final stake in postal company CTT

The Portuguese state Friday sold the remaining 31.5 percent stake it owned in national postal company CTT in the second phase of the company's privatization, Portuguese state shareholding company Parpublica, responsible for the share placement said in a filing with Portugal's securities regulator CMVM.
According to the regulatory filing, Parpublica "has completed the placement of 47,253,834 shares in CTT, representing approximately 31.5 percent of the outstanding share capital of CTT and the remaining shares of CTT held by Parpublica, in an accelerated book-building offer to institutional investors and to qualified institutional buyers in the United States of America at a price of 7.25 euros (9.39 U.S. dollars) per Share."
The government approved this second phase of the postal company's privatization in a cabinet meeting on Thursday afternoon.
CTT's shares closed Friday at a price of 7.39 euros. Proceeds from the offer are expected to total 343 million euros. (1 euro = 1.29 U.S. dollars)