THREE COMPANIES WILL MANAGE SHARES OF “ARMPOST”

Yerevan, April 5. ArmInfo. As the source, close to the “Converse
Invest” Company, reported today to ArmInfo, shares of “Huypost”
state Company (ArmPost) will be jointly managed by the French La
Poste, the Dutch financial organization ING and the Armenian Company
“Converse Invest”, which now controls the shares of “ArmPost” CJSC.

According to the source data, the “Converse Invest” itself has invited
the French Company La Poste for participation in this project and the
Dutch ING was invited by the Central Bank of RA. The two European
companies presented a project to the Armenia’s government about a
joint management and investment of “ArmPost”. The source denied to
call the amount of investments as it is not finally specified and is
under discussion in negotiations.

To be noted that on December 23, 2004, the government of RA approved
the draft contract about transmission of “ArmPost” shares to the
confidence control of “Converse Invest” Company for 5 years. The
contract came into force in the beginning of 2005. The “ArmPost”
CJSC has 900 post-offices in the whole republic, 89 of which are
located in the capital. There are 3669 employees in the Company and
their average monthly salary is 13 thsd. drams ($29). Incomes from
the post and telegraph services made up 2,3 bln drams ($5,1 mln)
in 2005, having been reduced by 7,3% compared to 2004.