Czech CEZ says holds 3 pct of stock in buy-back

...programme started at the end of April.

CEZ said it held 17.8 million shares, out of 592.2 million in total. It has bought 2.7 percent of its stock in the buyback, on top of a small number of shares it ha`d held previously.

CEZ has been buying back stock to improve its capital structure.

It can buy up to 10 percent of its own stock for up to 2,000 crowns per share.

The stock traded 1 percent up on Friday morning at 1,138 crowns, near Monday's all-time high of 1,150.

The buy-back follows a government decision to sell a 7 percent stake through the capital markets. The government has given no information on the timing or exact form of the sale.