UPDATE 1-Czech CEZ proposes CZK 20 gross dividend per share

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PRAGUE, April 17 (Reuters) - The board of directors at Czech power company CEZ has decided to propose a gross dividend of 20 crowns ($0.970) per share, the state-owned company said in a statement on Tuesday.

The statement added that shareholders will discuss the proposal at a general meeting on April 23.

CEZ, central Europe's largest power company, paid a 15 crown per share dividend last year.

CEZ's Full-year 2006 net profit, excluding minorities, rose 29.2 percent to 27.7 billion crowns on sales of 159.6 billion crowns.

CEZ has a standing dividend policy of paying 40 to 50 percent of net profit to shareholders.

The firm's shares closed on Monday at 979.5 crowns, up 0.72 percent. Trading on the Prague Stock Exchange begins at 0730 GMT.