The government said today it will sell off its remaining 40 percent stake in Maltapost. Investments Minister Austin Gatt told a press conference that the government's 11,200,000 shares of a nominal value of 0.25 euro cents per share will be sold at a share price offer of 50 euro cents per share.

The offer is being made jointly by the government and Malta Government Investments Ltd.

Maltapost has a market capitalisation of 14 million euros. Lombard Bank owns 60 percent of the shares. The company is to adopt a dividend policy of distributing up to 50 percent of available profits.

Maltapost officials said the pre-placement of 5,040,000 shares will take place on January 14 and the share offer will open to the public on January 15, closing on January 18 or earlier, depending on demand. The shares are expected to start being traded on January 30.

Maltapost has five delivery hubs, 33 post offices, and 27 sub-post offices and employs 581, down from 872 in 1998. It is the sole provider of mail weighing up to 50 grams.

The company is projecting a pre-tax profit of 2.23 million euros this year from1.4 million last year.