2010-06-07
Xinhua
Cambodia's postal system will be become a public enterprise early next year in a bid to prepare for eventually listing on the domestic stock exchange, local media reported on Monday.
"The government has targeted listing it on the upcoming stock market, so it will become a public enterprise to increase transparency in account standards and financial statements," Sarak Khann, secretary of state of the Ministry of Posts and Telecommunications (MPTC), was quoted by the Phnom Penh Post as saying. "When it is transparent enough and generates sufficient revenue, it may be listed on the bourse."
The Council of Ministers approved a draft sub-decree establishing Cambodia's postal office as a public enterprise. Prepared by the MPTC, the sub-decree moves the postal system to a public enterprise to reform the management system, according to a press release issued Friday. It added that the system would take advantage of modern information technology to track postal consignments, along with expanding service in remote areas.
Cambodia's postal services were poorly developed, said Sarak Khann, who also leads a joint committee composed a MPTC and Ministry of Finance officials in evaluating the properties and capital of the system.
"We want to generate revenue from this sector like developed countries, not just around 2 million U.S. dollars a year it earns nowadays," he said.
Some 20 local and foreign companies are licenced to do business in postal services, but only half are presently in operation, he said.
Cambodia's postal system presently includes 700 employees working at 80 post offices in 24 cities. Employees working for both the postal system and government ministries will have to choose one employer when the move to a public enterprise takes place, Sarak Khann said.
The Cambodian Securities Exchange is scheduled to launch by the end of the year, and any qualified private firm or public enterprise is eligible to list, Cambodia Securities and Exchange Commission (SECC) director general Ming Bankosal said.
"The government has targeted listing it on the upcoming stock market, so it will become a public enterprise to increase transparency in account standards and financial statements," Sarak Khann, secretary of state of the Ministry of Posts and Telecommunications (MPTC), was quoted by the Phnom Penh Post as saying. "When it is transparent enough and generates sufficient revenue, it may be listed on the bourse."
The Council of Ministers approved a draft sub-decree establishing Cambodia's postal office as a public enterprise. Prepared by the MPTC, the sub-decree moves the postal system to a public enterprise to reform the management system, according to a press release issued Friday. It added that the system would take advantage of modern information technology to track postal consignments, along with expanding service in remote areas.
Cambodia's postal services were poorly developed, said Sarak Khann, who also leads a joint committee composed a MPTC and Ministry of Finance officials in evaluating the properties and capital of the system.
"We want to generate revenue from this sector like developed countries, not just around 2 million U.S. dollars a year it earns nowadays," he said.
Some 20 local and foreign companies are licenced to do business in postal services, but only half are presently in operation, he said.
Cambodia's postal system presently includes 700 employees working at 80 post offices in 24 cities. Employees working for both the postal system and government ministries will have to choose one employer when the move to a public enterprise takes place, Sarak Khann said.
The Cambodian Securities Exchange is scheduled to launch by the end of the year, and any qualified private firm or public enterprise is eligible to list, Cambodia Securities and Exchange Commission (SECC) director general Ming Bankosal said.
8 comments:
Good! That will stop the cheating and the arrogance of the Stae staff.
AS You know, when you want to post a letter at the post office, the staff take your letter and ask your money for the stamp. One part of this money goes to their pocket.
That bribery sounds little to me but not my valuable stuffs that I throw into the rubbish bin when they find not value to them (sic!). Buying things online has been a nightmare if going through the post. God bless MPTC
"....stuffs that they throw" I mean
Cambodians must wait until the last CPP member child to be multi-millionaires to eliminate corruption.
Lat privatice the goverment the army already did!
We must stamp out corruption in the SRP as well. Only those who are rich can be appointed PMs. Poor SRP activists will never get a shit. When will the nextt SRP seats up for sale?
the state wants to privatize it in order to improve the services to the public in cambodia. this is a common procedure, even in america. this is a good reforms i think in the postal services. hopefully, it'll the cambodian postal services will be improved for good.
Khmer postal staff steal a lot of mails. I sent package with medicines and some toys for my friends in PP they never get it. I have tracking number but and it shown it was lost with Khmer postal service in PP. It so rediculous that they steal from costumers like this. I never trust them anymore..
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