MOL, state to establish foundation

Initiatives

Hungarian oil and gas company MOL on Thursday said it will partner with the state of Hungary to establish a foundation, dubbed MOL New Europe Foundation, to fulfill its corporate responsibility objectives, according to a report by state news wire MTI.

The foundation is expected to be established as a "public interest trust foundation providing public tasks" in Q2 or Q3 2021 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.

The foundation will focus on the areas of sport, culture, health, and environmental protection, and it will take over most of the corporate social responsibility activities carried out by MOL at present.

MOL holds 7.37% of its shares in treasury.

The state holds a 5.24% stake in MOL. It recently transferred two 10% stakes in the company to foundations that operate 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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