A Ministry of Finance source was quoted by the Czech Press Agency (CTK) yesterday shortly before the end of trading as saying that the ministry may propose to the Cabinet that the deadline for the Cesky Telecom privatization tender be postponed until next year (a date was not specified). The ministry is awaiting an opinion on the timetable by the government’s privatization advisor in the sale of Cesky Telecom (JP Morgan), expected early next week. The acquisition of a 49% Eurotel stake by Cesky Telecom seems to be the issue that makes the delay. As of today, the Ministry of Finance has an official end-of-October deadline for submitting its recommendation of a tender winner to Cabinet. The effort to postpone this deadline amounts to coming to terms with reality rather than a policy change, and few in the market had taken the October deadline seriously. The response by the stock should not be strong.
(Ondrej Datka)