Photo from UNIAN
Ukrainian Infrastructure Minister Volodymyr Omelyan says public joint-stock company (PJSC) Ukrposhta, Ukraine's state-owned postal services provider, has completed corporatization, according to the ministry's press service.
"In fact, our corporatization is over, which means that we're introducing modern business models for management of the state-owned company. Ukrposhta together with the ministry has done a great job, but even more is ahead. Ukrposhta should become a leader in the postal services market," he emphasized.
Ukrposhta's corporatization began in November 2015. Signing an act of the transfer is, in fact, the last formality and completion of Ukrposhta's transformation into a joint-stock company, the press service said.
Ukrposhta's acting Director General Ihor Smilyansky says that in order to maximize the use of the company's property, the joint-stock company Ukrposhta must accept it from the state-owned enterprise it was prior to the corporatization.
Read alsoUkrposhta to go public from Mar 1"Ukrposhta has a charter fund formed of assets, as well as movable and immovable property. In order to fully use the property, the joint-stock company must accept it from the state-owned enterprise Ukrposhta it was prior to the corporatization. After signing the document [the act], Ukrposhta can dispose of its property with the greatest benefit, i.e. rent or sell it, as well as perform other operations under agreement with shareholders, the Supervisory Board, and until it has not been formed – with Ukraine's Infrastructure Ministry," Smilyansky said.
The total value of property transferred as a contribution to PJSC Ukrposhta's charter capital is estimated at UAH 6.5 billion, or US$249 million.
As UNIAN reported, the Ukrainian government's committee for infrastructure development and environmental policy in early July 2015 backed up the reorganization of Ukrposhta into a public joint-stock company based on state-owned assets. In November 2015, the Infrastructure Ministry launched the corporatization process.
On February 16, 2017, Minister Omelyan signed an order on corporatization of the state-owned postal services provider Ukrposhta and its reorganization into a joint-stock company.
In 2016, Ukrposhta posted UAH 188 million ($7.2 million) in net loss against UAH 53 million ($2 million) in net profit in 2015.
Ukrposhta is the national operator of postal services under the authority of the Infrastructure Ministry. The company offers more than 50 types of services through over 11,000 offices throughout Ukraine. The company employs about 76,000 people.
Every year, Ukrposhta processes and delivers over 240 million items of mail and 16 million parcels, handles 15 million money transfers and 83 million transactions to pay pensions.