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Hungary to sell remaining 1.7% stake in Mol

Deals

Hungary said it plans to sell its remaining 1.7% stake, worth about Ft 43.8 billion, in Mol Nyrt, the country's largest energy company, in a public offering by the end of this year to boost state revenue from state asset sales. The country wants to sell its 1.89 million Mol shares to investors through the Budapest bourse while retaining a "golden share" in the company, which gives it the right to veto company decisions, said Péter Oravecz, a spokesman at the State Privatization and Holding Rt (ÁPV). The assets sales agency, which scheduled Mol's sale for this year in its business plan, has yet to decide on exact timing, Oravecz said. "This is not that large a package which would move the market," said Kornél Sarkadi Szabó, an analyst with Raiffeisen Securities in Budapest. Investors’ interest will depend on when and how the stake is sold APV will name the winner and other companies that bid to manage the transaction next week, he added. Hungary selected HVB Group to manage the sale of its remaining stake in Mol, Napi Gazdaság reported today. (Bloomberg)

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