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State-owned freight firm to be sold in 2005

THE CABINET agreed that the freight railway company ZSSK Cargo should be sold to a private bidder in 2005. Transport Minister Pavol Prokopovič expects that the state will gain some Sk15 to Sk20 billion (€380 to €500 million) from the sale, according to the Pravda daily.

The whole company (a 100 percent stake) will be sold in a direct sale in an international tender. Prokopovič expects that the new owner will be known by the end of this year.

According to the Transport Ministry, ZSSK Cargo's property is worth Sk11.5 billion (€290 million), the company's debts as of January 1, 2005 were at Sk4.7 billion (€119 million) and the firm employs 12,300 people.

Compiled by Martina Jurinová from press reports
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