The National Property Fund and the government’s privatization committee have reportedly prepared a very fast schedule for privatization of CEZ and six regional distributors. A local MFDnes newspaper reports that, according to the schedule, the government would receive first part of the sale proceeds as early as in October 2001. The bidders will reportedly have only 29 days for a close examination of CEZ and the distributors (it is not clear whether the paper meant due diligence by this) and for submitting a bid. On the one hand, it is encouraging to see commitment to fast privatization and it may help the stock. On the other, the reported schedule is extremely tight and may stir further debate on the issue. Also, it appears that the winner of the tender may have to make a buy-out offer a to minority shareholders in the distributors, where a combined government/CEZ stakes will be sold. In CEZ, where only government is selling, the winner will very likely be exempted from the buy-out obligation (this is expected by the market, we believe). We keep our buy recommendation.