People's Daily Online
June 07, 2010
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.
Source: Xinhua
June 07, 2010
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.
Source: Xinhua
No comments:
Post a Comment