CTT Portugal Sells Stake in Security Transpost Co.

Portuguese post office CTT – Correios de Portugal has sold its 20 pct stake in security and cash transportation company Esegur, to banks Caixa Geral de Depositos (CGD) and Banco Espirito Santo (BES) for a total 6.0 mln euro ($6.7 mln), it was reported on May 5, 2003. Esegur is now wholly owned by CGD and BES. Before the sale, CGD and BES jointly owned 80 pct of the security and cash transportation company. CTT sold its stake as part of a programme to get rid of its non-strategic assets, leading to greater concentration on its core business. CTT did not disclose the capital gains from the sale.