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MOL increases stake in TVK Petrochemicals unit to 76%

Mol, Hungary's biggest energy company, increased its stake in petrochemicals company TVK Nyrt to about 76%.

Mol bought 7.7 million shares in TVK yesterday, representing a 32% share, the Budapest-based energy company said in a statement to the Budapest Stock Exchange today. Slovnaft a.s., a Slovakian oil company controlled by Mol, maintained its 8.1% stake in TVK, the statement said. TVK, part of Mol's petrochemicals operations, posted earnings before interest and taxation of Ft 10.1 billion in the Q4, up from Ft 5.5 billion a year ago, Mol said in its earnings statement February 12. (Bloomberg)