Re-formatting a text file's columns with awk

I don't know why you are copying things left and right. The simple thing is

awk '{print "-" $2, substr($5,2,length($5)-2), "+", $4, ";"}' File1

I put the - in the beginning and the ; at then end.

In between we print

• $2 because we want it as it is.
• a substring of $5, which is the string without the first and the last character. We skip the first character by starting at position 2 (awk has always been strange about that) and leave out the last character by only selecting a substring which is two characters shorter, than the original $5
• the + because we want it
• and then $4

However, I'm not sure if all these string functions are specific to GNU awk.

With sed

sed '
    s/\S\+\s/-/
    s/\(\S\+\s\)\{2\}{\(\S\+\)}/\2 + \1;/
    ' File1

And awk variation

awk -F"[[:blank:]{}]+" '{print "-" $2, $5, "+", $4}' ORS=" ;\n" File1

Easy TXR job:

$ txr -c '@(repeat)
@a @b @c @d {@e}
@(do (put-line `-@b @e + @d ;`))
@(end)' -
ABC Cool Lol POP {MNB}
ABC Cool Lol POP {MNB}
ABC Cool Lol POP {MNB}
ABC Cool Lol POP {TBMKF}
ABC Cool Lol POP {YUKER}
ABC Cool Lol POP {EFEFVD}
[Ctrl-D][Enter]
-Cool MNB + POP ;
-Cool MNB + POP ;
-Cool MNB + POP ;
-Cool TBMKF + POP ;
-Cool YUKER + POP ;
-Cool EFEFVD + POP ;

Using TXR Lisp awk macro to transliterate Awk solution:

 txr -e '(awk (t (prn `-@[f 1] @{[f 4] [1..-1]} + @[f 3] ;`)))'

Fields are in the f list, and indexing is zero based.