The price agreed upon for the transfer of shares is of Lm 1,217,585 (€2,839,676), representing the net asset value of the shares as they stood the audited accounts in September 2006 by one and a half times.    

The Cabinet also approved Minister for Industry, Investment and Information Technology Dr Austin Gatt’s recommendation to be fully privatise Maltapost in the coming months.  The remaining 40% of shares held by the government will be sold to the public through the Malta Stock Exchange.  

In a statement on Monday, the government said that through regulations set forward by the Malta Communications Authority (MCA), it will see that the rights and obligations concerning universal mail are safeguarded and fulfilled by Maltapost.  

In this context the government and Lombard Bank p.l.c will sign an agreement which will facilitate the government’s decision to sell its shares on the Malta Stock Exchange and ensure that Maltapost will remain the national postal services operator, fulfilling its obligations tied to universal postal services to the highest level possible.  

The agreement will also ensure that Lombard does not transfer the Maltapost shares used in the transaction for a period of five years and that until the government sells all its shares it can block changes to the Memorandum or Articles of Association of the company.  

Additionally, the Ministry said that Maltapost workers will not be laid off from their workplace when the company is privatised.  

Maltapost employees who worked with the Postal Department prior to 1995 will be able to return work with the government once again, according to an agreement signed in 1996.