As was widely expected, CTK has reported that CEZ has applied for participation in
the tender for the only Macedonian electricity distributor – ESM Distribucija.
According to the local press, five other companies have picked up the
documentation for the tender. The short-listed companies should be known in a
week's time. ESM has approximately 721,000 end customers and sells 4.4 TWh
annually. Macedonia plans to sell a 90% state stake. The price was not released but
we estimate that it could reach about EUR 130m. We believe that this news is
neutral as the participation has been expected. We reiterate our BUY