UPDATE 1-Czech government to meet on CEZ sale -CTK agency

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The Czech government will hold an extraordinary meeting on Monday, probably to discuss the planned sale of a 7 percent stake in power generator CEZ , central Europe's largest company, the CTK news agency reported.

The government has approved a plan to sell the stake on the stock market but the Finance Ministry, conducting the process, has refused to reveal any information about the way it will be handled.

CTK quoted an unnamed cabinet member of the cabinet as saying he believed the meeting would focus on CEZ, and that it would start at 6 p.m. (1600 GMT).

A government spokesman confirmed the meeting would take place on Monday, but he declined to say when and what the ministers would discuss.

A Finance Ministry spokesman declined to comment.

The government is looking to raise money to fund road building through the sale of the minority stake.

The state now holds 68 percent of the company with a market capitalisation of $30.5 billion.

CEZ has started an up to 10 percent share buyback programme, which means that the government's stake would not shrink after the sale of its stake.

CEZ traded 0.4 percent up at 1,081 crowns at 1200 GMT on Monday, near its all-time high of 1,095 seen last week.

[PRAGUE/Reuters/Finance.cz]