Bulgarian Posts to be split into five subsidiaries
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.
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.
