State-owned mobile company limits operations, costs to minimum
MPVI Mobil, a state-owned company established to become the fourth player in Hungary's mobile telecommunications market, will suspend operations and keep operating costs down to a minimum until a chance to enter the market opens or a decision on its future activities is made, the National Development Ministry said on Friday. The decisions were taken by a Thursday meeting of the company's shareholders – Magyar Posta, the Hungarian Electricity Works (MVM) and the Hungarian Development Bank (MFB), all state-owned. MPVI Mobil won the biggest block in a frequency auction early in 2012. But a Budapest court ruled that the company had unlawfully won the right to build its own network, and the Kúria, Hungary's supreme court, upheld the court decision annulling the results of the auction in February this year. Világgazdaság reported earlier this week that MPVI Mobil would lay off more than half of its staff. The company was set up with initial capital of HUF 500 million in March 2012, and its registered capital was raised by HUF 14.1 billion in July.
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