PHNOM PENH, December 23 (Xinhua) -- Cambodia's postal system will officially become a public enterprise on January 1, 2011 with the initial capital of 17 million U.S. dollars, said a senior official at the Ministry of Post and Telecommunications (MPTC) on Thursday.
Of the 17 million U.S. dollars, the existing premises and equipment is 13.3 million U.S. dollars and the government provided the cash of 3.7 U.S. million dollars for the commencement as the public enterprise entity from next year, Sarak Khann, MPTC's secretary of state, told Xinhua on Thursday.
Becoming a public enterprise, Cambodia's postal services is to improve efficiency, transparency and good governance, and is to generate more revenues from this sector, the official said.
"It's still 100 percent of the stake held by the government," he said. "We just want to develop our postal services to be as big as DHL Express or other large post offices in the world."
So far, the postal system is under the management of the MPTC and when it goes public, it will be led by the board of directors which consists of one chairman and five members from the ministries concerned, he said. The board of directors was appointed by the head of the government of Cambodia.
Currently some 20 local and foreign companies are licenced to do business in postal services in Cambodia, but only half are presently in operation, he said.
Sarak Khann said that in the future, the government also plans to list the postal system in the upcoming stock market when it's transparent enough and generates enough profits to be qualified for the listing.
Cambodian Security Exchange is scheduled to launch by July next year. Three state-owned enterprises--Sihanoukville Autonomous Port, Telecom Cambodia and Phnom Penh Water Supply Authority--have been arranged by the government to prepare IPO (Initial Public Offering) for listing in the upcoming stock market.
Of the 17 million U.S. dollars, the existing premises and equipment is 13.3 million U.S. dollars and the government provided the cash of 3.7 U.S. million dollars for the commencement as the public enterprise entity from next year, Sarak Khann, MPTC's secretary of state, told Xinhua on Thursday.
Becoming a public enterprise, Cambodia's postal services is to improve efficiency, transparency and good governance, and is to generate more revenues from this sector, the official said.
"It's still 100 percent of the stake held by the government," he said. "We just want to develop our postal services to be as big as DHL Express or other large post offices in the world."
So far, the postal system is under the management of the MPTC and when it goes public, it will be led by the board of directors which consists of one chairman and five members from the ministries concerned, he said. The board of directors was appointed by the head of the government of Cambodia.
Currently some 20 local and foreign companies are licenced to do business in postal services in Cambodia, but only half are presently in operation, he said.
Sarak Khann said that in the future, the government also plans to list the postal system in the upcoming stock market when it's transparent enough and generates enough profits to be qualified for the listing.
Cambodian Security Exchange is scheduled to launch by July next year. Three state-owned enterprises--Sihanoukville Autonomous Port, Telecom Cambodia and Phnom Penh Water Supply Authority--have been arranged by the government to prepare IPO (Initial Public Offering) for listing in the upcoming stock market.
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