Bad news for KB and Ceske radiokomunikace today: MFDnes newspaper quotes a source close to Ceske radiokomunikace privatization (probably from the Ministry of Finance or the National Property Fund) as predicting CZK 9-9.5 bil. in revenues from privatization (or CZK 570–600 per share), well below the CZK 12 bil. figure (CZK 765 per share) previously reported and officially confirmed. Similarly, the paper puts likely KB sale revenues at CZK 25 bil.–30 bil. (or CZK 1,095–1,315 per share), again well below the frequently quoted range of CZK 35 bil.–38 bil. (CZK 1,535–1,666 per share).
We do not know at all whether these figures are reliable, the paper says they are from “credible sources”, that they reflect the present stage of KB privatization negotiations and the final price may be higher.
Separately, the paper (presumably using the same sources) puts expected Cesky Telecom privatization revenues at CZK 60 bil.–70 bil. (CZK 550-640 per share), but the Cesky Telecom tender has not been launched yet and the figures, in our view, do not have the same relevance as in the case of Radiokomunikace and KB.
Unipetrol is expected to bring revenues early next year, namely CZK 7-9 bil., though this figure may have been reduced because potential bidders reportedly want only parts of the company, and the figure need not correspond to the Unipetrol group as we know it.
(Ondřej Daťka)