Softbank has officially confirmed that it had received the permission to sell its 100% owned subsidiary Mediabank – owner of PIN Radio – to Prokom Investments. The sale price of Mediabank was set at PLN 4.5m and cash is to be received within 21 days from obtaining the permission to sell.
Our view: We believe the news could only have a marginally positive trading impact as it hit the newspapers last week. Sale of Mediabank is positive as Softbank no longer has to consolidate its loss making subsidiary and plans to book some PLN 5m of gain on this transaction. This gain is already in our forecasts. We reiterate our Buy rating for Softbank and Asseco, with which it is merging.