CTT Correios de Portugal : Real estate sale promissory agreement
May 15, 2018 at 12:03 pm EDT
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CTT - Correios de Portugal, S.A.
Public Company
Avenida D. João II, 13 1999-001 LISBON
Lisbon commercial registry and fiscal no. 500 077 568
Share Capital EUR 75,000,000.00
Announcement - Lisbon, 15 May 2018
Material information
CTT - Correios de Portugal, S.A. ("CTT" or "Company") hereby informs that today it signed a promissory agreement for the sale of real estate property owned by the Company and located at Rua da Palma, in Lisbon, in line with its policy of disposal of non-strategic assets when the necessary market conditions are met.
Under the terms of this agreement, the total price due for the sale of this property is €10.3m (which will represent a pre-tax accounting gain of approximately €8.5m, with a tax impact of circa €1.1m). As at this date CTT received the amount of €1.0m as deposit and advance payment, which shall be deducted from the total price at the time of the public deed of the definitive sale. Such deed shall take place within a maximum of 6 months from this date and is only conditional upon the administrative authorities legally entitled to a pre-emptive right on the sale of this property not exercising such right.
This information to the market and the general public is made under the terms and for the purposes of article 248 of the Portuguese Securities Code and other legislation in force. It is also available on CTT's Investor Relations website at:http://www.ctt.pt/ctt-e-investidores/relacoes-com-investidores/comunicados.html?com.dotmarketing.htmlpage.language=1.
CTT – Correios de Portugal SA published this content on 15 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 May 2018 16:02:16 UTC
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. 
