MOL, state to establish foundation

Initiatives

Hungarian oil and gas company MOL on Thursday said it will partner with the state of Hungary to establish a foundation, dubbed MOL New Europe Foundation, to fulfill its corporate responsibility objectives, according to a report by state news wire MTI.

The foundation is expected to be established as a "public interest trust foundation providing public tasks" in Q2 or Q3 2021 with equal capital contributions by the state and MOL.

MOL and its subsidiaries will transfer 42,977,996 shares - about 5.2% of share capital - to the foundation whose operation will be financed mainly from dividends on shares offered by the founders.

The foundation will focus on the areas of sport, culture, health, and environmental protection, and it will take over most of the corporate social responsibility activities carried out by MOL at present.

MOL holds 7.37% of its shares in treasury.

The state holds a 5.24% stake in MOL. It recently transferred two 10% stakes in the company to foundations that operate Corvinus University of Budapest and Mathias Corvinus Collegium, an interdisciplinary educational institution that sees to foster talent in the Carpathian Basin.

Hungary Current Account has EUR 213 mln Deficit in January Debt

Hungary Current Account has EUR 213 mln Deficit in January

Budapest Residents to Weigh in on Rákosrendező Development P... Issues

Budapest Residents to Weigh in on Rákosrendező Development P...

AutoWallis Becomes Importer of Geely Group’s Commercial EV B... Automotive

AutoWallis Becomes Importer of Geely Group’s Commercial EV B...

These Are the Most Sleep-friendly Hotels in Hungary Hotels

These Are the Most Sleep-friendly Hotels in Hungary

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.