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Highway company created

SLOVAK Transportation Minister Pavol Prokopovič signed the foundation charter of a joint stock company called the National Highway Company (Národná diaľničná spoločnosť - NDS) January 25.

Dušan Faktor was elected first general director and chairman of the board of directors at the first general assembly of NDS and Branko Smilňak was elected head of the company's supervisory board, the TASR news agency reported.

The state owns a 100 percent stake in the company. The value of NDS' fixed assets is Sk90 billion (€2.3 billion). Its prime infrastructure property is valued at Sk52.7 billion.

The budgetary organization Slovenská správa ciest (SSC), the national roads administrator, will surrender part of its assets for the creation of NDS.

SSC will continue to exist as overseer of first class roads maintenance. A director general for SSC is currently being sought.

NDS is expected to be a fully functioning entity by February 1.

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