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Portugal privatizes up to 70 percent of national postal service; 5 pct of shares to workers

Portugal's government has announced plans to sell up to 70 percent of the state-owned mail company CTT-Correios de Portugal.

A statement after the government's weekly Cabinet meeting on Thursday said part of the privatization will be through an initial public offering, with 5 percent of those shares set aside for postal workers. Staff will have a 5 percent discount on the public share price.

Another block of shares will be sold to financial institutions.

The statement said the share price will be announced at a later date. It gave no further details, including the date of the sale.

CTT had operational revenue of 711.7 million euros ($962 million) and a consolidated net profit of 38.6 million euros in 2012, according to its annual report.