The Ministry of Communications announced that following the Milgam Group's victory in the postal privatization tender, the group purchased the company's shares from the state last Thursday for NIS 468 million, thus completing the privatization process. The Ministry of Communications stated that "Israel Post has fallen into a financial crisis several times since 2006, severely affecting public service. To improve public service, the Ministry of Communications updated the regulation on the postal company and the postal market, including opening the postal field to competition, giving the postal company freedom to provide new services and adapt the service provision formula to the digital age. Alongside this, the decision to privatize the post, which has now been completed, was made, and it is expected that the transition to private hands will lead to the company's efficiency and improve service to the public."
Communications Minister, Dr. Shlomo Karai: "I congratulate Milgam on the final completion of the postal privatization. We have worked hard to ensure that privatization is completed as soon as possible, for the benefit of opening the market to real competition, and today it is happening. I am confident that the winner will bring with them new management, a new approach, and above all, a faster and higher quality service for the benefit of the citizens of Israel. The Ministry of Communications will continue to ensure the fulfillment of the postal company's license obligations in order to ensure that the periphery and different populations are not harmed. Good luck also to the employees led by Chairman of the Board Shimon Fargon, who together with the new management will lead the company to the forefront in quality and service."
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