CEZ CFO Petr Voboril said yesterday that CEZ seeks an alliance with a strategic partner, though such a relationship need not necessarily entail an ownership stake. He also indicated that it is possible that not all of the state’s 67% stake in CEZ would be offered should the Cabinet decide to proceed with CEZ privatization.
We believe these comments are not based on any detailed plans, but rather reflect the general ideas of CEZ management; the stock should not react.
Mr. Voboril also said that in 2002 CEZ will pay CZK 1.5 bil to the state as a first installment for stakes in regional energy distributors, and approx. CZK 4 bil. of additional income tax as a result of profit realized from selling a 66% stake in CEPS, the transmission-grid operator, to the state. While an SPO is unlikely to be a source of financing toward acquiring the distributors, CEZ might use debt apart from internal sources and thus optimize its capital structure and tax shield, Voboril said. Expected.
Jiri Soustruznik