Poste Italiane Ready for Privatisation, Listing End-2004
Italian state-owned postal services company Poste Italiane SpA will be ready for privatisation and listing on the stock exchange at the end of 2004, the CEO of Poste Italiane, Massimo Sarmi, said on August 6, 2004.
Poste Italiane is developing according to the expectations, and all the objectives, included in the the industrial plan, have been already achieved, Sarmi said.
According to Sarmi, although the company is ready for listing on the stock exchange, Poste Italiane will need between 12 and 18 months to prepare its initial public offering (IPO). [Editor’s note: Poste Italiane generated a consolidated revenue of 8. 15 bln euro ($9. 835 bln) for 2003, up by 5. 1 pct year-on-year. Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) totalled 1. 175 bln euro ($1. 418 bln) in 2003, up by 46 pct year-on-year. Consolidated net profit totalled 90. 3 mln euro ($107. 9 mln) in 2003, against 21. 6 mln euro ($25. 8 mln) in 2002. ] (ANSA).
