Postal service to turn into stock company

The Kuwaiti postal service will be turned into a joint stock company as part of the state development plan, said Minister of State for Municipal Affairs and Minister of Communications Essa Al-Kandari on Sunday.
The Ministry is studying a project for turning the postal service into a joint stock company, under Commercial Companies Law, to be fully-owned by the state, the Minister said in a statement. The new entity will be managed on commercial basis.
Ministry officials are working on a draft bill for the project, Al-Kandari said.
After studying modern postal systems adopted by a number of countries, a 30-artcile draft project was drawn up in six chapters. These include the use of modern technology aiming to promote postal services to cope with international standards, he said.
The Minister stressed that the step is likely to help monitor postal services and guarantee postal security and secrecy, for producing a favorable climate to attract foreign investments.
Source: KUNA