Czech cabinet approves selling 7pct of utility CEZ

19.03.2007 | , Reuters
Zpravodajství ČTK


perex-img Zdroj: Finance.cz

PRAGUE, March 19 (Reuters) - The Czech cabinet approved on Monday a plan to sell a stake in electricity maker CEZ in order to prevent a jump in...

...the budget deficits, Prime Minister Mirek Topolanek said.

Finance Minister Miroslav Kalousek added at a news conference following a cabinet meeting that the plan calls for 7 percent of CEZ to be sold on the stock market. At current market prices, the stake is worth 36.5 billion crowns ($1.74 billion).

The government now holds 67.6 percent in CEZ, the largest Czech company with a market capitalisation of $24.9 billion.

The company is planning a simmultanneous share buy-back when the government sells the stake to keep the market from being flooded with shares. CEZ will discuss the plan at a general meeting on April 23.

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Články ze sekce: Zpravodajství ČTK