Bulgarian Posts to be split into five subsidiaries
06.11.2009, 08:18
The amendments were aimed at opening the
market to private companies and modernising services
Bulgarian Posts will be restructured and stabilised financially, minister of
transport and ICT Alexandar Tsvetkov said. The changes will help Bulgaria meet
its commitments to the European Union for liberalisation of the sector and
giving all citizens access to the universal postal service at reasonable prices.
The amendments made to the Postal Services Act were aimed at opening the market
to private companies and modernising services, Tsvetkov pointed out. About 70%
of the post offices make losses, so staff reduction will be initiated to
optimise labour costs.
Bulgarian Posts will be split into five subsidiaries in which the state will
keep 51%. That will secure fresh capital without the future investors having to
own assets, as they will get dividends from the subsidiaries. The scheme will
become effective within a month, the transport minister forecast.
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Three subsidiaries will be split from Bulgarian Posts at first. Hybrid Post
will deliver parcels of big corporate customers. Bulpost will provide
door-to-door courier services. Info Post will deliver electronic services for
individuals and businesses. According to deputy transport minister Pavel
Russinov that will raise Bulgarian Posts' market share in the different service
segments. Post Trade and Finance Trade, which will be set up later on, will deal
with catalogue trade and bill payment free of charge.