PTT Srbija in restructuring starting year 2010 - transformation into closed joint-stock company

- Public company "PTT Srbija" will be restructured in 2010 and transformed into a closed joint-stock company owned by the state - Goran Ćirić, the Director General of that company, announced.

He said in the interview for Beta agency that the Postal company was not going to be privatized, and that transformation into the closed joint-stock company, 100% owned by the state, would enable quicker decision making and appearance in Serbian market, which would be liberalized.

Ćirić was unable to specify when the transformation would be completed. He said that they would work on that in 2010, and that the final project would define the deadlines.

- We will definitely work on restructuring and reorganization in 2010, which will show us the size of staff required by "PTT Srbija" - said Ćirić.

He did not want to give estimates on how many employees of "PTT Srbija" were excessive, but he reminded that that public company had cut the number of workers from 18,000 to 15,000 since 2005.

- At this moment, "PTT Srbija" registers positive business results, which indicates that there will not be some big interventions when it comes to the number of employees - Ćirić pointed out.

He pointed out that "PTT Srbije" had turned the profit of 2 billion RSD for the first nine months of year 2009.

He said that the restructuring process in "PTT Srbija" would start with the realization of the business plan for year 2010, which would be submitted prior to December 1st, and the Government of Serbia should approve them by the end of year 2009.

- It is crucial that the restructuring process helps the company raise the level of services, increase profit and improves efficiency of the system - Ćirić pointed out and added that the basic plan was to separate reserved and profitable services.