(37,9 PLN, 0,32%) sees a drastic in slump in fertilizer firm valuations and may postpone the sale of Anwill, the company’s CFO said. Earlier, representatives expected to launch the sale process at the turn of the year.
It was broadly expected by the market, that the sale will take place this year, however, we believe, analyst were reluctant to calculate the potential proceeds from asset disposal due to uncertainty related to the sales price. We believe that financial health of Orlen does not require the immediate cash influx and thus the Anwill sale may be postponed for 2012. Since the possible proceeds were expected to support the extra dividend payout, we might see a slightly negative trading reaction to the announcement.