As expected, Unipetrol’s AGM decided that no dividends will be paid this year. Neither any dividend policy was approved. Separately, Igor Chalupec CEO of Unipetrol’s owned by PKN (63%) stated in interview that Kaucuk and Spolana will be sold based on an independent valuation. Note that previous information regarding the sale process favoured companies related with PKN Anwil and Dwory. Also planed “drastic” changes at the loss making Benzina will be announced shortly (re-branding of some filling stations, costs cutting, etc).
Our view: We see the new as neutral as no dividend was widely expected and the sale of Kaucuk and Spolana together with Benzina’s restructuring are widely expected.