Hungary Mol buys stake in Waberer's
"As of the transaction agreement signed today, Indotek Group will sell 15% of its 28.9% stake in Waberer's International Plc to Mol Vagyonkezelő Ltd. (100% subsidiary of Mol Plc), and the remaining shares will be sold through an investment service provider. The funds released by the sale of the stake will enable Indotek Group to finance further domestic and international transactions. […]," Waberer's cited a notice from Trevelin Holding, member of Indotek Group.
The Transaction will become effective upon receipt of the regulatory approvals required by applicable law (including the insurance supervisory approval related to the change of ownership interest in Wáberer Hungária Biztosító Plc. directly controlled by Waberer's.)
Mol and Waberer's have also inked a strategic cooperation agreement.
In recent years, Mol and Waberer's have developed a close relationship in complex logistics services and fuel distribution, and this strategic agreement will further strengthen the two companies' traditional business activities and enable them to jointly implement mobility, sustainability and energy efficiency projects, according to a statement by Mol.
The cooperation will also focus on the marketing of fuels and lubricants, the development of alternative fuels, the exchange of knowledge on energy efficiency and the development of specialised filling and service points.
"We see great potential in strengthening the relationship between Waberer's and Mol, and we believe that this strategic cooperation can have a positive impact not only in Hungary, but also at a regional level. Both Mol and Waberer's are committed to sustainable solutions, and the cooperation can make a significant contribution to strengthening traditional business activities and regional security of supply," said György Bacsa, Managing Director of Mol Hungary.
Mol's aim is to work with Hungary's leading provider of complex logistics services to implement joint projects that will contribute to the company's SHAPE TOMORROW 2030+ strategy. The objective of the strategy is for Mol to become a key player in the low-carbon circular economy of East-Central Europe and to supply the mobility sector with low-carbon fuels.
"The strategic agreement with Mol is a reinforcement of a nearly 20-year partnership that takes the relationship between the two companies to a new level, with their full commitment to sustainability solutions. I am convinced that this cooperation can make us more successful in Hungary and in the region," added Zsolt Barna, Chairman and CEO of Waberer's, at the signing of the cooperation agreement.
The two Hungarian listed companies currently cooperate in a number of areas: Waberer's provides complex logistics services to Mol at several locations, while the Hungarian oil company sells fuel and lubricants to Waberer's, among other things, making it a strategic supplier in both international transport and domestic distribution.
Waberer's Group, as Hungary's market-leading complex logistics service provider, has been assisting the domestic oil company with various services since 2006, including the Duna Refinery in Százhalombatta, where it operates three major warehouses, and the Slovnaft refinery in Bratislava, which is part of Mol Group. Further expanding the cooperation, from October this year, Waberer's subsidiary will also provide production logistics services for MPK Mol Petrochemicals in Tiszaújváros.
Cover photo: Portfolio
