Since the middle of last week, its stake shrank by 0.15 percentage points. The state is selling CEZ shares on the capital market based on a government resolution of March 2007 on the sale of 7% of CEZ stock. Industry and Trade Minister Martin Riman said in late January that the state need not sell the entire seven percent share in CEZ as had been planned, but only a block of shares that would generate 31 billion Czech koruna ($1.8 billion) planned for investment in transport infrastructure. A 4% stake would suffice for this at present. However, Finance Minister Miroslav Kalousek said repeatedly that 7% in CEZ will be sold. He also said that it was his ministry that was in charge of the transaction. Shareholders decided at a general meeting last year that CEZ may withdraw up to 59.22 million shares from the market, or a maximum of 10% of share capital. CEZ has bought more than 50.6 million shares, or 8.5% of the shares until now.
CEZ is the largest central European power producer and the most profitable Czech company. Its management estimated in December that net profit for 2007 including extraordinary effects would reach a record 42.6 billion koruna and should grow further to 46.6 billion koruna this year. In 2006, CEZ made net earnings of 28.8 billion koruna. (Prague Monitor)
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