Hungary: MOL waives extraordinary payment of INA’s dividend

10. February 2015. / SEE Energy News

Hungarian MOL suspended its request for convening of an extraordinary meeting of shareholders of Oil industry INA with the proposal for extraordinary dividend payment in the amount of 2 billion KN, stating as the reason the falling oil prices that could adversely affect INA’s business. Ina is majority owned by MOL.

“On behalf of MOL Hungarian Oil and Gas Public Limited Company, we would like to inform the Management Board of INA Oil Industry that, due to falling oil prices and its potential negative impact on INA, MOL as a responsible shareholder suspends its request for convening of an extraordinary meeting of shareholders of INA with the proposal for extraordinary dividend payment ” it was stated in the letter which Ina received from MOL.

On 25 November last year, Hungarian MOL made a request to Management Board of INA to convene an extraordinary meeting of shareholders of INA where they would vote for the full payment of dividends in the amount of 2 billion KN or 260 million euros, from retained profit.

In that moment MOL explained its request for payment of dividends by stating that they rescued INA from bankruptcy, have financially stabilized it and turned into a profitable company with significant investment potential, so that after the latest decision of the Ministry of Economy on taking away of licenses for research in the areas of ‘Sava’ and ‘North-West Croatia ‘, the shareholders realized that the Ministry does not currently support pro investment environment in Croatia, and therefore the time has come for all shareholders to effectuate the return on their previous investments.

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