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State waste management agency to get HUF 500 mln capital raise

The Ministry of Rural Development has approved a HUF 500 million capital raise for the nascent national waste management agency OHU, business daily Napi Gazdaság said on Thursday, quoting managing director Oszkár Vámosi.

Vámosi said he received a promise that the capital raise will be carried out as soon as possible. 30 employees have been hired without immediate pay at the OHU, whose establishment is still being processed with registered capital of HUF 500 million at the Company Court.

The newspaper said that rumors on the market indicate that the company requires start-up costs of HUF 1 billion.

OHU is to fill a coordinating role between the sources and processors of recycleable waste.