(Bloomberg) -- Israel is planning an initial public offering for 40% of troubled Israel Postal Co. in Tel Aviv by the end of this year, Communications Minister Yoaz Hendel said on Thursday.
It plans to sell the remaining shares of the postal company to a strategic investor by mid-2023, the minister said in an online briefing for reporters. The government's in the process of choosing underwriters for the share offering.
Hendel spoke after reaching an agreement in overnight talks with employees on an efficiency plan that includes the departure of 1,600 out of a current workforce of about 5,170. He said the company is on the verge of financial collapse and wouldn't be able to continue to operate as it has until now.
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