CEZ informed that it has chosen Patria Finance (member of
KBC Securities) and Wood & Co. as two most active brokers with CEZ shares that will conduct its share buyback program over next 18 months. CEZ’s AGM approved price range
CZK 300 – 2,000 for its share buyback, which allows company to buy up to 10% or 59,221,084 of its own shares. CEZ can use bought back shares to decrease its capital and also for option program in the amount of 5,000,000 shares.
Our view:
We reserve a right not to comment on CEZ’s decision. We expect that share buyback could start as early as today, however the main activity is expected to start as soon as state launches to sell its 7% stake. We expect this could happen towards the end of May.