Israel to sell 40% of postal service in Tel Aviv IPO by end of 2022
Israel aims to sell 40% of its national postal service in a Tel Aviv share offering by the end of 2022 and cut 1,600 jobs as part of its plan to save the financially strapped Israel Post Co from collapse, the communications regulator said on Thursday.
The remaining 60% stake would be sold to a strategic investor by mid-2023, Communications Minister Yoaz Hendel told reporters.
The service suffers from problems that have not been addressed for years, including a manpower surplus, inefficiencies, and over-regulation.
"After years of neglect, we are undertaking vital root canal treatment," Hendel said.
Ministry officials could not provide a more detailed timetable for the offering on the Tel Aviv Stock Exchange, noting the process was under way and they were working with underwriters.
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