Government to offer MOL shares
Monday, June 13, 2005, 00:00
Hungary's government will offer shares in Mol Rt. to the public this year as it sells its remaining 11.8 % stake in the company, daily Magyar Hírlap reported.
There has been no final decision about the offer, since the Finance Ministry has yet to revise its privatization plan. The 11.8 % stake is worth USD 1.01 billion. Hungary raised Ft 73.6 billion in 2004 by selling 10.9% of Mol, the largest oil company in the 10 new European Union member states, to institutional investors in a one-day offering. Mol's share price has nearly tripled in one year: in 2004 it was Ft 6,500, while June 10 it closed at Ft 16,845.