CEZ is considering selling its indirect equity stake in Aliatel, the domestic alternative fixed-line operator. Note that ZCE, SCE and SME (all majority-owned by CEZ) hold a combined stake of 30% in the operator. Aliatel was a loss-maker in the last several years and its fair value would be insignificant in terms of its contribution to the group fair value. Until further details are disclosed the news is neutral.
Jan Hájek, Patria Finance