ARMENIAN GOVERNMENT TO PROLONG HAYPOST TRUST MANAGEMENT TERM FOR FIVE YEARS

ARKA
July 18

Armenian government has announced its plans to reach an agreement
about prolonging HayPost trust management term for another five years.

HayPost CJSC is the national postal operator of the Republic of
Armenia. The company’s staff is 4,000 people. Under an agreement signed
on November 30, 2006, HayPost was transferred in trust management
of the Dutch HayPost Trust Management Company for five years, with
a right to prolong the contract for another five years.

The government also decided to shift the company’s reporting schedule –
annual reports instead the quarterly ones will be required. Besides,
the trust management services will be paid in AMD instead of EUR. The
trust management has wider authorities now – it can choose an auditor,
open HayPost branches and offices, and approve their regulations.