Swiss Government Reduces Stake in Swisscom
Published on: 24th Jan 2014
By: Ian Mansfield
The Swiss government has reduced its stake in the former state monopoly operator Swisscom bringing it within a shave of losing majority ownership of the company.
In a note, Reuters reported that the government had reduced its stake in Swisscom by 5.55 percentage points to 51.22 percent during 2013. The government is however required to maintain a majority stake in the firm, unless it were to seek a change in the current law.
The sale of the shares earned it a reported CHF 1.247 billion (US$1.38 billion).
The sale is not reflected in the company's own website though, which is still showing a government stake at 56.77%.