MOL board to propose 8-for-1 stock split to shareholders

Telco

The board of Hungarian oil and gas company MOL will propose an eight-for-one stock split to shareholders at an annual general meeting on April 13, the AGM agenda published late yesterday shows, as reported by Hungarian news agency MTI.

The MOL share price closed at HUF 20,500 on the Budapest Stock Exchange Wednesday, up 0.69%. Its market capitalization stood at HUF 2.1 trillion.

The effective date of the stock split would be September 1, provided shareholders approve the boardʼs proposal.

Shares of MOLʼs Polish peer PKN Orlen closed at PLN 101.65 Wednesday, the equivalent of about HUF 7,326. PKN Orlenʼs market cap is PLN 43.48 billion, roughly HUF 3.134 tln.

MOL and Polski Koncern Naftowy ORLEN SA earlier signed a Memorandum of Understanding whereby they agreed on their intention to initiate co-operation in the Central and East European oil sector.

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