Hungary: MOL Shares to Finance Projects
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Friday, 11 September 2009 |
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MOL sold 47,369 of its own shares on the Budapest Stock Exchange
raising about 675 mln forints ($3.57 million) to help finance a gas
project in Iraq.
Based on the agreement signed with Dana Gas and Crescent
Petroleum, MOL is to finance its share from the 2009 work
programme of Pearl project (in which MOL has a 10% stake) fully with
treasury shares or partly with treasury shares and cash, the company
has announced this week.
The shares were sold at an average price of 14,255 forints, MOL said in
a statement on the Budapest Stock Exchange's. After the
transactions it held 7.5 million own shares. Depending on the share
price developments on the stock market MOL will choose between share
and cash financing.
MOL transfers 51,090 pieces of ‘A' class ordinary shares of MOL in
50%-50% ratio to Dana Gas and Crescent Petroleum by 15 September 2009
and may sell up to 80,000 pieces of ‘A' class ordinary shares of MOL
until 15 October. ING Bank Ltd. and OTP Bank Plc. as investment service
providers to be commissioned to carry out the programme.
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