Belgian postal operator bpost will list a minority stake, currently held by private equity group CVC Funds, on the Brussels stock exchange, the group said on Thursday. The Belgian state will continue to hold a 50.01 percent stake in the former monopoly and will not sell shares in the offering, bpost said.
Belgium also owns a majority stake in telecoms operator Belgacom, which is also listed on the Brussels stock exchange. Bpost, which did not indicate when the initial public offering (IPO) would take place, said it plans to return at least 85 percent of its annual net profit to shareholders.
The group made an operating profit of 404 million euros ($520 million) last year, on revenue of 2.42 billion euros. Bpost said that J. P Morgan, Nomura and BNP Paribas Fortis would act as joint co-ordinators of the IPO.