Portugal: Demand set to exceed supply in share offering for TAP employees

Page created: Friday, 12 May 2017 14:33 GMT

Employees  share offering  TAP

Lisbon, May 12 (Lusa) – The results of the offer to employees of TAP – SGPS, the company that owns Portugal’s national airline, of 5% of its shares are to be announced on Friday, with demand expected to exceed the 75,000 shares that have been earmarked for them.

All 12 trade unions representing employees of group companies had called on their members to submit applications to buy shares.

The offer price was set at €10.38 per share, implying a 5% discount on the €10.93 paid by the Atlantic Gateway consortium during the privatisation process in 2015.

Portugal’s Ministry of Planning and Infrastructure, which has overseen the process, determined that only those employed by TAP or other group companies for three years or more were eligible to take part, or former employees who were there for more than three years – so long as they did not leave as a result of displinary proceedings.

The share offering for employees was one of the elements of the memorandum of understanding signed by Portugal’s current, Socialist government and Atlantic Gateway to alter TAP’s shareholder structure, with the state retaining a 50% stake instead of the 39% negotiated under the previous, right-of-centre government.