Český Telecom - demand for shares held by TelSource reportedly “encouraging”

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Investiční bankovnictví KB

      Board of Directors of Cesky Telecom decided to allow the qualified American institutional investors buying the company’s shares and GDR’s. The decision is related to the ongoing sale of 27% stake in Cesky Telecom held by TelSource. TelSource said yesterday that the demand for the shares is encouraging, without disclosing any details. Today is deadline for the first round of the accelerated book building.

       Cesky Telecom paid USD 1.05bn for 49% stake in mobile operator Eurotel. The transaction should be completed this week.

       The news about “encouraging” investors’ interest calmed down the market, which sent the share price up. The next development would depend on the result of the book building (first round ends today) and also the investors’ decisions after the transaction’s settlement. In case the investors decide to take profits, the share price will remain under pressure. Otherwise, we can expect a return to the levels before the secondary offering was announced.

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