CTT - Correios De Portugal, S.A. announces an Equity Buyback for 4,650,000 shares, for €18 million.
March 15, 2022
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CTT - Correios De Portugal, S.A. (ENXTLS:CTT) announces a share repurchase program. Under the program the company will repurchase up to 4,650,000 shares, for €18 million. The price of acquisition for consideration shall fall within an interval of 10% below and above the listed price of the company's shares on the Euronext Lisbon regulated market at the close of the trading session immediately preceding the date of acquisition or the creation of the right to acquire or grant shares, it shall also not be higher than the highest of the price of the last independent trade and the highest independent purchase bid at the time of the acquisition on the Euronext Lisbon regulated market.
The purpose of the program is to reduce the share capital of the company through the cancellation of own shares repurchased in the context of the program. The program is valid till December 18, 2022.
CTT-Correios de Portugal, S.A. is the Portuguese leader in postal services provision. Net sales break down by activity as follows:
- mail collection and delivery (50.4%): letters, postcards, ads, advertising documents, newspapers, etc.;
- express and parcels transportation and delivery services (40.2%): activity ensured in Portugal, Spain and Mozambique;
- sale of financial products and services (7.2%): public debt certificates, postal saving products, insurance and postal money orders;
- banking and payment services (2.2%): savings accounts, consumer credit (auto loans and credit cards), mortgage loans, off-balance sheet savings. The group also provides payment solutions (Payshop) allowing paying for purchases through the Internet and via certified agents (kiosks, tobacconists, supermarkets, etc.).
Portugal accounts for 69% of net sales.
CTT-CORREIOS DE PORTUGAL, S.A. 
