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Public Authority for Services studies investing Egypt Post’s real estate assets - Daily News Egypt

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Public Authority for Services studies investing Egypt Post’s real estate assets

We are currently evaluating financial offers to use the post offices’ roofs to generate solar energy, says Al-Saghir

By Mohamed Alaa El-Din

The Egypt Post is currently re-evaluating its unused real estate assets in order to re-invest them in a profitable way, said the Egyptian National Post Organisation (ENPO)’s Chairman Essam Al-Saghir.

Al-Saghir revealed to Daily News Egypt that the Egypt Post’s assets evaluation is being done by the Public Authority for Services, affiliated to the Ministry of Finance, and a private company.

He added that the evaluation will take over several months, since the Egypt Post need to prove its ownership of a number of these assets through judicial procedures, as a number of these contracts date back to 1900.

It will also take time to compare the measurements of those assets with the measurements recorded in the original contracts in order to remove any encroachments on the post’s facilities, said Al-Saghir.

On the other hand, Al-Saghir noted that ENPO is currently studying financial offers from a number of companies that have applied for a tender offered by the organisation.

The tender aims to provide the post offices’ roofs to generate solar energy, he explained, confirming that they have finalised reviewing the technical offers.

Moreover, Al-Saghir highlighted that the technical specifications are currently being detailed for a tender aiming to distribute 350 ATM machine belonging to the Egypt Post in different governorates in order to facilitate pensions payment.

ENPO is also negotiating with a number of money transfer companies in order to contract with one of them to transfer the post’s money between its offices, instead of the organisation’s vehicles, which have faced several robberies and armed robberies over the past period.

Earlier, ENPO announced the beginning of developing 100 post offices of a total of 412 offices. It is expected to finalise the developments works by 2016, with a total cost amounting EGP 200m.

During fiscal year (FY) 2014/2015, the Egypt Post achieved a financial surplus amounting to EGP 165m, while its investment portfolio increased by 17.5% compared to FY 2013/2014.

The Egypt Post’s investments portfolio rose to reach EGP 139bn during FY 2013/2014, while it achieved EGP 163.3bn in FY 2014/2015.

Topics: Egypt Post

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