CTT - Correios De Portugal, S.A. commences an Equity Buyback Plan for 10% of issued share capital, under the authorization approved on April 20, 2023.
June 29, 2023 at 11:52 am EDT
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CTT - Correios de Portugal, S.A. (ENXTLS:CTT) commences share repurchases on June 26, 2023, under the program mandated by the shareholders in the Annual General Meeting held on April 20, 2023. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital, minus the disposals carried out at any given time. The price of acquisition for consideration shall fall within a range of 10%, below and above, the share prices of the company?s shares on the regulated market Euronext Lisbon, at the close of the market session immediately prior to the acquisition date or date on which the share acquisition or allocation right is granted; or shall correspond to the acquisition price determined by law, an agreement or the company's or subsidiaries' terms of issuance of securities or other instruments convertible to or exchangeable with shares. The authority is valid for 18 months.
On June 21, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to 7,650,000 shares, representing 5.3% of its share capital for ?20 million. The repurchases will commence from June 26, 2023 and will end no later than June 25, 2024.
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. 
