6 FEBRUARY 2002
By Kurt Sansone
The acquisition of a 35 per cent stake in Maltapost by Transend Worldwide, without the issue of a tender does justice to the claim made in Transends annual report for 2001, which states that the company is regularly asked to undertake contracts without undergoing a competitive tender process by virtue of the experience gained in the field.
The annual report seen by The Malta Financial and Business Times states: "Our experience as a trusted and neutral intermediary means we are now regularly asked by organizations worldwide to undertake contracts often without undergoing a competitive tender process."
Last year Transend registered a revenue of Lm34.4 million posting an after-tax profit of Lm2.7 million.
Almost 15 per cent of the revenue, Lm5.3 million, was generated through international consultancy activities.
Transend Worldwide manages the international mail operation for New Zealand Post and has established itself as a leading postal consultancy company. The 2001 annual report highlights the management contract with the postal service of Trinidad and Tobago as a prime example of the companys success.
According to the report, the Trinidad and Tobago agreement is one of the earliest examples of having the management of a national postal system turned over to a foreign business entity.
Transend also has consultancy and management operations in South Africa, Ireland, the United Kingdom and another 50 countries around the world.
In July 2001 Transend implemented its major European strategy in with the launch of its UK office. The annual report states that this new venture should open the way for many exciting consulting opportunities in Europe and Americas.
The annual report states that the New Zealand company is getting involved in a growing, and hugely diverse range of assignments. The company also professes to create projects tailored to meet local conditions and needs. And keeping abreast with global trends, Transend is increasing its focus on eBusiness and technology solutions and services.
Speaking in Parliament on Monday, Finance Minister John Dalli explained that Transend Worldwide is to pay Lm1.20 per share for the stake it purchased in Maltapost.
The New Zealand company will pay Lm500,000 in cash and the rest of the payment will be provided in the form of services offered in kind. Mr Dalli said that the funds would be used to increase Maltaposts capital base.
The finance minister added that discussions with Transend started after Maltapost had made a call for the purchase of a computer system, which required a reorganization of the whole company.
Eventually the discussions, which also involved Canada Post culminated into the agreement announced on Saturday with Transend Worldwide.