CKA, the state restructuring agency, reportedly proposes that, together with the state’s 63% stake in Unipetrol, CKA receivables towards some of the companies in the Unipetrol holding be included in the privatization of Unipetrol. The nominal value of the receivables is CZK 3 bil.
An obligation to buy the receivables on the part of a strategic investor would certainly be worse than an option to buy them in a separate tender, for example. Also, should the receivables be sold for their nominal value, they would form a substantial part of the total investment in Unipetrol (we expect a sale price of roughly CZK 10 bil.-14 bil for the state’s 63% stake).
Nevertheless, the details and likelihood of the proposal are unclear at present.
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