UAE's Dana sells stake in Hungary's MOL

摘要

Dubai-The UAE's Dana Gas has sold a 1.6% stake in Hungary's MOL for gross proceeds of $135 million, reducing its holding in the state- owned petroleum group by more than half. The sale of 1.675 million MOL shares took place February 8 and leaves Dana with 1.486 million MOL shares, representing about 1.4% of the Hungarian company's share capi- tal, it said in a February 10 statement. Dana also agreed not to sell its remaining shares in MOL for a period of three months. "We took advantage of market conditions to raise additional funds, which will contribute to the development of our business and to meeting the company's short term obliga- tions," said Dana's executive director and act- ing chief executive, Rashid al-Jarwan.