Metrostav, one of the largest domestic construction companies, held an AGM on Friday. As in the previous years, shareholders approved to pay a CZK 7.5 per share dividend and performed a series of routine AGM tasks. Metrostav is among a group of domestic construction companies which are, or until recently were, owned by Czech investment funds of big banks. The funds and banks tried to sell their combined 62% stake in Metrostav last September but the tender winner did not pay for the stake. A second tender took place in the beginning of 2000, but the tender winner again did not pay. The third round of the tender is currently in progress and next Friday is reportedly the deadline for new binding bids. This third round should be completed by the end of September. We maintain our hold recommendation.
(Ladislav Kovář)