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The decision was disclosed after markets closed on Wednesday of last week, ahead of the four-day Oct. 23 national holiday weekend.
According to a press release, while MOL will maintain full ownership, it will also oversee strategic management, business line supervision, financing, investment decision-making, and operational control for the new units.
“Each operating company is expected to significantly enhance its business competitiveness through swift decision-making in response to changes in the external environment and become more flexible in system development in accordance with business characteristics,” the company said.
MOL added that the more precise separation of roles between the holding and operating companies will improve transparency, support efficiency, and better align with its green transition and Shape Tomorrow strategy.
The board has scheduled an extraordinary general meeting for Thursday, Nov. 27, to vote on the restructuring.
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