HayPost to be privatized

Armenia's National Assembly has approved in the second and final reading a decision on the inclusion of the national postal operator HayPost on the list of state-owned properties subject to privatization.

As the head of the State Property Management Department, Arman Sahakyan, noted, the privatization of the company will attract fresh investments which are necessary to finance HayPost's development, the renovation of its infrastructure, and introduction of new technology.

"New investment will create a postal operator that will have a strong presence in all the regions of the country to deliver high-quality postal, financial and retail services to the population through the use of modern technology", ARKA cited Sahakyan as saying.

The new owner will have to upgrade the company’s infrastructure, renovate 250 post offices across the country, buy new post cars, to install 750 thousand mailboxes, to build the automated mail sorting center in Yerevan, to establish branches in the Diaspora and to organize international sales of Armenian postage stamps.

On January 1, 2015 the company had about 3000 employees. HayPost's charter capital is worth 521 million Armenian drams.

($1 = 473.08 drams)