The Israeli parliament’s Finance Committee gave final approval of 40 percent of postal service

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TEL AVIV – The Israeli parliament’s Finance Committee on Sunday gave final approval to a government plan to privatise the state-owned national postal service, the Communications Ministry said on Sunday.

Under the plan, given a green light last month by a ministerial committee, 20 percent of the Israel Post Co will be sold to a strategic investor in Israel or abroad.

In a second stage the government will offer 20 percent of the company to the public, with shares to be traded in Tel Aviv.

After years of poor performance, Israel Post has been carrying out a major reorganisation, including changing its array of delivery centres and reducing its work force.

(Reporting by Tova Cohen, Editing by Ari Rabinovitch) (Reuters)

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