Belgian Post To Repay 13.2 Mln Euro Debt of Courier Services Subsidiary

Belgian postal company De Post/La Poste will repay 13.2 mln euro (USD17.1 mln) in debts of its subsidiary, direct courier services provider Taxipost, and will raise the company’s capital by 22.8 mln euro (USD29.6 mln), Belgian daily De Standaard reported on January 30, 2007.

Taxipost has been loss making for several years.

According to the newspaper, the trade unions were surprised with the decision of De Post/La Poste to invest in its unprofitable unit.

If Taxipost is integrated in the parcel distribution services Kilopost of De Post/La Poste, the company will have better perspectives, the De Post/La Poste CEO Johnny Thijs said.

Taxipost has 300 employees.