Bailed-out Portugal looks to raise $540 million with privatization of postal service

LISBON, Portugal – Portugal’s government hopes to raise more than 400 million euros ($540 million) via the sale of a 70 per cent stake in national mail company CTT – Correios de Portugal.

The government said in a statement Monday it will sell 105 million shares in CTT, S.A., and set a price of between 4.10 euros and 5.52 euros a share.

It said 63 million shares will be set aside for sale to institutional investors. The rest will be made available to the general public and to company employees.

No date was set for the sell-off, but it is expected by the end of the year.

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