Zimpost takes over PTC’s properties

zimpost

Unless ZimPost comes up with a novel business model, it looks like for the foreseeable future the bulk of its revenue would be generated from rentals income from these properties.

GOVERNMENT has transferred ownership of more than 230 immovable properties that were owned by the Posts and Telecommunication Corporation (PTC) to a property firm owned by its successor company, the Zimbabwe Posts (Private) Limited (ZimPost).
This follows the unbundling of PTC, resulting in the formation of four different business entities namely ZimPost, TelOne, NetOne and POSB.
PTC, a government telecommunications parastatal, owned the properties strewn in all the country’s major cities, towns as well as growth points.
These largely comprise of commercial buildings, which were used for the company’s mail processing and distribution service as well as its other businesses such as banking, and telephonic services, in addition to residential properties that used to house mostly senior staff members.
Of PTC’s successor firms, POSB has since been privatised, while ZimPost, TelOne and NetOne emerged as standalone parastatals.
In a notice published in the Government Gazette of April 22, the Minister of Information Communication Technology, Postal and Courier Services, Supa Mandiwanzira, gave a schedule of 233 properties in all the country’s urban and rural areas that, with effect from the same date, were transferred to a company called Zimbabwe Posts Properties (Private) Limited.
Since the advent of modern information technologies — which effectively put the last nail in the coffin of the envelop and stamp era — most of these properties have become redundant, resulting in them being sub-divided and leased out largely to informal businesses.
Virtually all former Post Office buildings — including the main Post Office in Harare — are now home to hundreds of different businesses, tenants who would now be answerable to the new company.
Unless ZimPost comes up with a novel business model, it looks like for the foreseeable future the bulk of its revenue would be generated from rentals income from these properties.

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