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Vegyépszer to break up into smaller companies

Troubled construction company Nemzetközi Vegyépszer Zrt will spin off part of its business into four independent companies and rename itself Vegyépszer Hungária Zrt, business news website Gazdaság.hu reports. Vegyépszer Hungária will inherit HUF 16 billion in short term liabilities, while the remaining debt will be assume by the new companies. Magyar Közép-út Kft and Magyar Nyugat-út Kft, two road building companies, will set up with a start-up capital of HUF 600,000 each and liabilities of HUF 836 million and HUF 780 million respectively. Another business will take over the name Nemzetközi Vegyépszer. It will have registered capital of HUF 6 million and build water conduits. Magyar Erőműépítő Kft, the fourth, will build electronics and communications infrastructures and assume a HUF 600,000 debt.