Parl't approves establishment of MOL New Europe Foundation


Hungarian lawmakers on Tuesday approved the establishment of the MOL New Europe Foundation, as a "public interest trust foundation providing public tasks", and the state's contribution to the foundation, according to a report by state news wire MTI.

The bill on the measures was approved with a vote of 135 for, 59 against, and no abstentions.

MOL announced on April 1 that it would partner with the state of Hungary to establish a foundation to fulfill its corporate responsibility objectives. The foundation will focus on the areas of sport, culture, health and environmental protection, MOL said.

The company said the foundation would be established 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, MOL said.

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


Hungary Trade Surplus at EUR 1 bln in October Trade

Hungary Trade Surplus at EUR 1 bln in October

Orbán Participates at Milei Inauguration in Buenos Aires Int’l Relations

Orbán Participates at Milei Inauguration in Buenos Aires

EV Demand Constantly Growing Automotive

EV Demand Constantly Growing

Budapest Strings Celebrating Founder With Birthday Concert Music

Budapest Strings Celebrating Founder With Birthday Concert


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.