Hungary to sell remaining stake in MOL this year

Deals

The country's asset-sales agency will offer the stock to local, individual investors and auction off remaining shares via the Budapest Stock Exchange (BÉT), the agency said in a statement yesterday. HVB Bank Zrt was previously chosen to manage the sale of the stake in Hungary’s biggest oil company, MOL Nyrt, which is valued at around Ft 38.2 billion ($176.2 million), based yesterday's closing price of Ft 20,250 in Budapest. Hungary, which has been struggling to control the European Union's largest budget deficit, is seeking to sell stakes in several companies, including the cargo unit of railway company MÁV Zrt, national carrier MALÉV Zrt and mortgage lender Földhitel és Jelzálogbank Nyrt. The state will retain a “golden share” in MOL, giving it the right to veto some decisions. (Bloomberg)

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