Huge MOL Share Package Up For Sale In Hungary
- 26 Jun 2014 9:00 AM
Citigroup has been commissioned to hold an auction for the sale of 4% of MOL shares in the price range of Ft 11,800-12,200 each, the bank announced after the close of trading on Thursday. The market value of the 4.28 million shares is Ft 50-52 billion, which equals the last three months’ trading volume of the stock last, portfolio.hu observes.
Analysts are at a loss as to who is selling the shares.
Some recall that Dana Gas and its parent company Crescent Petroleum sold 1.6 million shares at Ft 17,515 a year ago to ease its financial problems and say it can not be ruled out that they are behind this latest move.
Oman Oil, which holds more than 7% of MOL shares, may also be the seller, sources told Napi Gazdaság.
They ruled out other owners, with which MOL has non-sale agreements.
Analysts say it is unlikely that the state is selling part of its 24.6% stake.
Source: Hungary Around the Clock
This news item is one of many published daily by HATC, a premier subscription news service which distributes English-language info about Hungary via email or fax. For a free trial of HATC follow this link and click on 'Free Trial Subscription'.
LATEST NEWS IN business