Public Investments Minister Austin Gatt has hailed the sale of the government’s shares in Maltapost as another example of public confidence in the privatisation process.

Just over half the government’s 11.2 million shares went on offer yesterday but the offer had to be closed within hours after it was oversubscribed six times over. The pre-placement of the rest of the shares on Monday was oversubscribed 13 times over.

Dr Gatt said such a strong demand for the Matapost shares also showed public confidence in a company which had been turned around from one which was making losses to one which is making a profit.

The shares had a nominal value of €0.25 each and were offered for €0.50 each.

Lombard Bank acquired a majority shareholding in Maltapost some months ago.

The shares start being traded on the Malta Stock Exchange on January 25.

Dr Gatt promised that a new Nationalist government would seek new investment opportunities for the people.