CTT - Correios De Portugal, S.A. announces an Increase in Equity Buyback.
July 27, 2022
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On July 28, 2022, the company announced an increase in its equity buyback plan. The company increase its plan term number of shares authorization to 21.6 million and plan term number of shares to 6,550,000 shares.
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.