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MOL announces registration of 5% capital reduction

Hungarian oil and gas company MOL said that a 5% capital reduction, carried out by the withdrawal of treasury shares, as well a small capital increase, linked to MOL's management bonus program, were registered by the court of registration on October 16.

The April AGM approved a board proposal mandating the board to withdraw 5.5 million treasury shares, or 5% of registered capital.

The withdrawal of treasury shares reduced MOL's registered capital to Ft 104.19 billion from Ft 109.68 billion.

MOL withdrew 5.48 million 'A' series shares it held, reducing the number of MOL 'A' shares to 104.19 million. The move did not affect the number of 'C' series shares which remained 578. MOL also has one 'B' series voting-preference share.

After the share withdrawal, MOL holds 7,325 'A' series shares and 578 'C' series shares as treasury shares.

MOL also said that its registered capital rose from the reduced Ft 104.19 billion to Ft 104.52 billion as a result of the exchange of 184 'E' series convertible bonds into 327,336 'A' series MOL shares by senior MOL managers. MOL issued a total of 1,200 convertible bonds, of Ft 10 million nominal value each under a management incentive program. (MTI – Econews)