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STRATEGIC MOVE

Dana sells 50pc stake in Hungarian oil group

Abu Dhabi, February 9, 2013

Dana Gas, an Abu Dhabi-listed energy firm, has sold more than half its stake in Hungarian oil and gas group MOL, two sources familiar with the matter said, sending its shares lower.

A Dana Gas spokeswoman confirmed the transaction but declined to give details.

Dana Gas sold 1.675 million shares in MOL, the two sources said, declining to be identified. They also declined to comment on the price.

According to MOL's data, at the end of the third quarter Dana held a three per cent stake. Reuters and Budapest Stock Exchange data show this was around three million shares.

"These shares were always (intended) for sale as they were given to Dana in exchange for shares in Pearl Petroleum," one of the sources said.

Pearl Petroleum was the Kurdistan operating unit of UAE's Crescent Petroleum and its affiliate Dana Gas. In May 2009, MOL gave 3 per cent of its shares each to Crescent and Dana for a 10 per cent stake in Pearl. – TradeArabia News Service




Tags: UAE | abu dhabi | Dana Gas | MOL |

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