Parl't approves establishment of MOL New Europe Foundation

Parliament

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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.

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