Post office dividend not less 80% profit

(ANSA) - Rome, October 9 - The board of of Poste Italiane, the Italian post office company, said Friday it plans to distribute at least 80% of its operating 2015-2016 profits as dividends.
    The announcement was made ahead of the imminent listing on the Italian stock exchange of the Poste after Consob stock exchange watchdog approved the move.
    The share issue will begin Monday when Poste will place 34.7% of its share capital on the stock market.
    The value of the company is set at a non-binding minimum of 7.837 billion euros and a maximum of 9.796 billion euros, equal to an expected share price range of 6-7.5 euros.
    The Poste flotation is "fundamental for the government's privatisation programme, which aims to strengthen the company, make its services to the public more efficient, boost the capital market and garner financial resources to reduce debt," the treasury ministry said.
    In all 30% of the share issue will be retailed to the general public while 70% will be earmarked for institutional investors. Of those for the public 14.9 million shares are reserved for Poste employees, with all staff guaranteed at least 10 shares.
    In all the Treasury will issue shares worth a minimum of 2.7 billion euros and a maximum of 3.7 billion euros.