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UK’s Vince Cable not to sell 30 percent stake in Royal Mail

UK’s Vince Cable not to sell 30 percent stake in Royal Mail

LONDON: Business Secretary Vince Cable said Britain does not mean to sell its 30 percent stake in Royal Mail any time soon he would prefer to see the shares remain in state hands for the medium to long term.

In the postal operator last year the government sold a 60 percent stake, attracting analysis at the time from competitor politicians and trade unions who said the firm had been sold off too cheaply after shares rose by as much as 87 percent following the sale.

Cable said the government should hold onto its remaining shares for the average extensive name to retain some influence in the way the company is run.

Further Cable has previously used the fact that the government still holds shares in the firm to deflect criticism about the rise in share price since the privatization. Royal Mail shares were last trading at 421 pence, well above their 330 pence debut price.