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Saudi Arabia has invited banks to pitch for an advisory role in the sale of Saudi Postal Corp to investors, sources familiar with the matter told Reuters.
The country is launching a privatisation drive as part of wider economic reforms which aim to boost efficiency and ease pressure on state finances in an era of cheap oil.
Saudi Postal, the government-owned postal service, sent a request for proposals to local banks last month, according to bankers who spoke on the condition of anonymity because the matter is not public. No decision on which banks will participate has been made, two bankers said. The Ministry of Communications and Information Technology did not respond to a request for comment. Last June, telecommunications minister Mohammed al-Suwaiyal said the kingdom was likely to start privatising Saudi Postal, which has over 10,000 staff, by early 2017. (reuters)
