MOL board proposes capital reduction to shareholders

Telco

The board of directors of Hungarian oil and gas company MOL on Tuesday said it added a proposal to reduce the companyʼs registered capital to the agenda of the annual general meeting scheduled for April 14, at the request of shareholder CEZ MH BV, which holds more than 1% of the companyʼs shares, Hungarian news agency MTI reported yesterday.

Under the proposal, the companyʼs registered capital will be reduced by HUF 2,090,381,000 or 2% of registered capital to HUF 102,428,682,578 through the withdrawal of 2,090,381 “A” series dematerialized registered ordinary shares with a face value of HUF 1,000 per share owned by the company. 

The statement said the purpose of the capital reduction is to optimize the companyʼs capital structure.

The proposal submitted by the shareholder cites MOLʼs recent termination of a swap agreement signed between MOL and Magnolia ten years earlier, which caused MOLʼs stock of treasury shares to rise to 7.2%.

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