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MOL sells MOL-Chem

As a new step in its divestiture strategy MOL Hungarian Oil and Gas Rt sold its 100% stake MOL-Chem Kft to MCM-Menedzser Kft. The purchase price has been set at Ft 2.1 billion.

The purchase requires approval from the Competition Office. As 14 members of the MCM Board are managers at MOL-Chem, the deal is a classical manager buy-out, MOL-Chem CEO Peter Patak said. MCM plans to pay out the purchase price from mid-term bank loan.

MOL-Chem had after-tax profit of Ft 150 million on Ft 15 billion sales last year.

(BBJ 20.x.03)

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