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Maltapost And Transend Sign Management And Equity

5 February 2002

Maltapost And Transend Sign Management And Equity Contracts - World's First Equity Deal Between State-Owned Postal Companies

Maltapost plc and Transend Worldwide Limited announced today they had signed a two year management services contract for the management and operations of Maltapost.

In a separate agreement, Transend has taken a 35 percent equity stake in Maltapost through the purchase of 980,000 shares. Malta Government Investments holds the remaining 65 percent share.

The purchase of shares is believed to be the first time a state-owned postal business has directly invested in another.

Under the terms of the management contract, Transend will appoint the Chief Executive and two other senior managers.

Mr Frank Dimech, Chairman, Maltapost, said, "A fundamental aspect of this deal was to establish a commercial relationship with a company prepared to demonstrate true commitment through an equity investment in our business".

"Maltapost is a successful business with aggressive expansion targets. We have plans to increase our customer commitment and introduce new products and services, as well as expand into other new business opportunities.

"Transend share the same commercial focus and has both the cultural fit and international business expertise to help us realise these ambitions. They are committed to our business and have demonstrated that via their equity investment."

Mr Drew Stein, Managing Director of Transend Worldwide Limited, said work would begin immediately on a three-year business plan for Maltapost.

"We have been impressed with Maltapost's commercial focus and structure and are delighted to be able to work with them to modernise and expand their business.

"Key elements will include the improvement of mail processing, developing retail and point of sale systems and establishing commercial arrangements in North Africa and the Middle East."

Transend showed interest to enter into a management contract and equity stake in September 2001, following initial consultancy work undertaken in May.

- ENDS -

Notes to editors:

About Maltapost

Maltapost is the State provider of postal services in Malta. On 1 May 1998, Maltapost, a public limited company incorporated in April 1998, took over the operation of the former Post Department through a license by the Post Master General to operate the postal services monopoly.

Maltapost reported a profit of Lm 0.20 million (before extraordinary items) for the 12 months to September 2001 on turnover of Lm 6.8 million.

N.B 1 Lm = $NZ5.42

About Transend Worldwide Ltd

Transend is one of the world's leading postal consultancies and a wholly owned subsidiary of New Zealand Post.

Transend reported a net profit after tax of NZ$14.1 million on revenue of NZ$180 million to June 30, 2001.

Transend has projects in around 20 countries including a five-year management contract in Trinidad and Tobago, which was recently recognised by the World Bank and Universal Postal Union as setting an example for others to follow.

Ends


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