The State Lines Up 17 Company Stakes for Sale, From the Estoril Racetrack to Holdings in NOS and CTT

The Portuguese State will sell its stakes in 17 companies, Finance Minister Joaquim Miranda Sarmento announced, in a clear-out he cast as the first step in redefining the role of Parpública (the state holding company that manages many of the government's corporate shareholdings). The disposals range from the company that runs the Estoril racetrack to minority holdings in listed heavyweights such as NOS and CTT.

Eight of the businesses have been flagged as non-strategic and are lined up for sale outright:

• Circuito do Estoril — operator of the Estoril motor-racing circuit, valued at about €6.9 million.
• Imofundos — a real-estate fund manager, around €4.7 million.
• Mobi.E (the national electric-vehicle charging network manager), Metrocom, Ecosúde, EDMI, Fernave and SAROS round out the non-strategic list.

A further nine holdings, including the State's minority positions in NOS and CTT, complete the 17. In all, the sales are expected to raise roughly €22 million — a modest sum by the standards of the state budget, and a signal that the exercise is more about tidying the portfolio than raising cash.

"It starts with clarifying Parpública's role," Miranda Sarmento said, arguing that the Setor Empresarial do Estado (State Enterprise Sector) should be treated "as something dynamic and not closed and static" over time. The government also intends to overhaul the Regime Jurídico do Setor Público Empresarial (the legal framework governing state-owned enterprises) and the Estatuto do Gestor Público (Public Manager Statute), with the stated goals of modernising management and tightening accountability.

The move fits a wider pattern of the State rethinking what it owns and why. Lisbon is pressing ahead with the privatisation of flag carrier TAP, while in the islands the Azores are selling their airport ground-handling arm. At the same time the State remains deeply entangled in corporate Portugal, from postal operator CTT to unresolved liabilities such as the €1.12 billion Brisa concession claim.

What This Means for Expats

• Everyday services: Several of the businesses touch daily life — Mobi.E runs the public EV-charging network, and CTT handles the post. Ownership changes rarely alter services overnight, but they can reshape pricing and investment over the medium term.
• Public finances: The proceeds are small, so the real story is governance. A leaner, better-defined state portfolio is meant to reduce hidden liabilities that can eventually land on taxpayers.
• What to watch: The promised rewrite of the state-enterprise legal framework and the public-manager rules could matter more than these 17 sales, setting how transparently dozens of remaining state companies are run.

None of the disposals is finalised, and several will need buyers and regulatory sign-off before they close. But the direction of travel is set: after years of an expanding state footprint, the Finance Ministry wants Parpública's holdings to be something the government actively curates rather than simply accumulates.