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MÁV to set up company for cargo division

Hungarian railway company MÁV Rt will create a separate unit for its cargo division in order to boost competitiveness, MÁV CEO Imre Kovács said yesterday to business daily Világgazdaság. A company, with registered capital of Ft 20 million, will be set up on September 1, and the cargo division is planned to be placed into it at the start of 2006. MÁV's cargo division is seeking new strategic partnerships with other railway companies in preparation for a deregulated railway market, Kovács added.