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Finance Ministry confirms sale of state's remaining Mol stake

The ministry has confirmed on the website of the Budapest Stock Exchange (BÉT) on Wednesday that the State Privatization and Holding Zrt (ÁPV) would sell the state's remaining 1.73% stake in oil and gas company Mol Nyrt by the end of the year.

ÁPV's board decided at a meeting on October 5 on the general conditions for the public sale of the stake. The entire stake is to be sold in a domestic sale, with private domestic investors enjoying priority. Shares may be purchased with compensation coupons as well as cash. Any shares remaining after demand by private domestic investors has been met will be sold through auction on the stock exchange. Under an earlier decision by ÁPV, the transaction will be organized by HVB Bank, which has been mandated to work out the structure of the sale. ÁPV said it would inform investors on the details of the sale taking into consideration the applicable market regulations. The 1.73% packet is worth about Ft 40.7 billion, Econews calculated using Mol's share price of 21,600 shortly before noon on Wednesday. (Mti-Eco)