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Russia Post could be privatized

0 16 February 2014

The Ministry of Communications in Russia has submitted a draft of the federal law regarding the reorganization of Russia Post (Pochta Rossii).

The main purpose of the bill is to transform the state-owned enterprise into a joint stock company as soon as possible. They hope that this will create the best conditions for the efficient operation of the business and serve to modernize the postal facilities, thereby incerasing its competitiveness and investment attractiveness.

According to the document, the Russian Post will be transformed into an open joint-stock company, 100% owned by the state and with their new board of directors partly decided upon by the government.

Deputy Minister of Communications and Mass Communications, Michael Evraev, says that “currently, the company is taking an inventory of all existing assets. We should be able to continue with our plans to privatize the post after all objective assessments have taken place; hopefully they shouldn’t take more than a year and a half. We are considering options on how to attract strategic investors into the company, as well as providing ordinary citizens the opportunity to become owners of the Russian Mail.”

The Russian Post currently holds a monopoly throughout Russia for the sending of letters and packages. This should help it to maintain its customer base after any organizational changes; and this competitiveness should help it to attract investment. 

Source: CNews

Top image via Shutterstock

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