PostNL has sold half its stake in TNT Express, unloading around 15% of its 29.8% stake in the company for the equivalent of over R7.1 billion, to reduce its debt, reports the American Shipper.
According to reports, shares in PostNL rose 3.39% on the deal, while shares in TNT Express fell.
TNT Express saw its net profit fall 25% in the third quarter, when compared to the third quarter of 2012, amid challenging market conditions.
