ARKA News Agency, Armenia
Nov 30 2006

ARMENIAN HAYPOST COMPANY TRANSFERRED TO DUTCH "HAYPOST TRUST
MANAGEMENT"

YEREVAN, November 30. /ARKA/. The Haypost Company is handed over to
Dutch "Haypost Trust Management" on trust management terms.
Karine Kirakosyan, the head of the state property management
department, and Hans Bonn, the representative of ING Company, signed
the corresponding agreement Thursday in Yerevan.
Under the agreement, Haypost is transferred on trust management for
five years, allowing for another 5-year prolongation.
K. Kirakosyan stressed the importance of the handover saying it will
give an opportunity to reform the mailing services’ system and bring
it into line with the international standards.
Tigran Sarkisyan, the chairman of the Central Bank of Armenia, said
the required action program has been developed by the Dutch ING
company to improve the quality of post services and implement a
revolutionary reformation of the system. Adoption of a number of
legislative acts is also envisaged, Sargsyan added.
Under the program, the Dutch company has founded Post Bank to be
registered in the Central Bank of Armenia and operate in accordance
with the Armenian law.
The Haypost national post operator has 900 post offices in the
country with 4,000 personnel and profit totaling $7mln as of the end
of 2005. Amsterdam-based Haypost Trust Management is founded
particularly for trust management of Haypost and operates in
cooperation with Post Finance International, which is specialized in
reformation and modernization of post services in developing
countries. N.V. -0–