Bloomberg reported that Mol Nyrt., Hungary’s largest refiner, had risen the most in more than a month after it proposed an extraordinary dividend payment at its Croatian unit, seeking to realize returns amid a dispute with the country’s government. The shares gained 2.4 percent to HUF 12,380 by close in Budapest, the biggest advance since 17th of October MOL, the second-biggest member in the benchmark BUX Index, accounted for about half of the gauge’s 244 point, or 1.4 percent, increase.
MOL, which owns 49.08 percent of INA Industrija Nafte d.d., proposed a 2 billion kuna ($325 million) special dividend payment be made from the Croatian company. MOL said it wants to realize returns on its investments as the Croatian government, which has a 44.8 percent stake in INA, is “not supporting an investment-friendly environment” by revoking exploration licenses in the Sava and north-western regions.
Meanwhile portfolio.hu reported that the Hungarian oil and gas group had announced the conclusion of a share option agreement with ING and that they have signed a new option deal. MOL has agreed with ING Bank N.V. that the option rights arising out of the share option agreement concluded between them on 22 November 2013, regarding 5,220,000 MOL Series “A” Ordinary shares, will be cash settled in respect of all the shares on 27 November, 2014. The strike price was EUR 47.4444 per share.
via bloomberg.com and portfolio.hu photo: Tibor Zsitva – epiteszforum.hu