MF daily brought article from Miroslav Kalousek, Ministry of Finance regarding sale of 7% state stake in CEZ. He reiterates plans to sell stake at market prices and through the open market. State will reportedly be selling its stake considering market conditions and could interrupt it should the current favourable situation changes. Government is not interested only in proceeds from the sale but also its remaining stake in CEZ. He denied rumours about third party and is not willing to undergo some non-transparent deals. In addition he doesn’t see bookbuilding process as a viable solution mainly due to fact that some non-transparency issues could be raised afterwards.
We see this news as neutral as Ministry of Finance only reiterates his previous cautious statements. Although he denied rumours about third party, he didn’t provide exact solution how to get required proceeds in time and not to create overhang of supply on the market.