MOL shares transferred to MOL New Europe Foundation

Deals

Hungarian oil and gas company MOL and the state of Hungary have transferred a combined 10.4% of MOL shares to the MOL New Europe Foundation, clearing the way for it to start operating, MOL said on Wednesday, state news wire MTI reports.

MOL announced in April that it would partner with the state of Hungary to set up the MOL New Europe Foundation to fulfill its corporate responsibility objectives, and lawmakers approved its establishment weeks later. MOL and the state each agreed to contribute 5.2pc MOL stakes to the foundation which will operate using dividends from the shares.

The foundation will establish a broad support system for sport, culture, healthcare, economic development, and environmental protection, MOL said earlier. In line with MOL's strategy, the foundation will offer "more targeted support" in the areas of economic development and environmental protection with the aim of advancing the circular economy, it added.

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