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Doprastav in trouble

ONE OF the biggest local construction companies, Doprastav, has halted production on its various projects, including work on several highways, after its banks froze its accounts in late May, the Hospodárske Noviny (HN) daily reported on June 4.

ONE OF the biggest local construction companies, Doprastav, has halted production on its various projects, including work on several highways, after its banks froze its accounts in late May, the Hospodárske Noviny (HN) daily reported on June 4.

The accounts were blocked most likely due to the fact that Doprastav’s general assembly did not approve an increase of €17.141 million to €51.423 million in the value of its basic capital on May 23, the SITA newswire reported. The company’s management requested the increase to strengthen the capital, but this did not happen due to the change in the company’s ownership, according to SITA.

The Czech company Metrostav sold its minority share in Doprastav after the majority owner, DOAS, did the same. Doprastav will now be controlled by business tycoon František Hodorovský, who said that he regards Doprastav as one of the best business brands in the Slovak construction sector, according to HN.

The company expects to resume work on its construction projects at full capacity once it is allowed access to its accounts again, Doprastav’s general director Juraj Androvič said, as reported by SITA. The new shareholder is now expected to pay €17 million to redeem the trust of the banks, while the company is not ruling out further layoffs and sales of some of its assets, SITA wrote.

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