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Gets Go-ahead to Sell its Stakes in CEZ, Cesky Telecom

The Czech government has approved a plan by the state bailout agency Ceska konsolidacni agentura (CKA) to sell it stakes in the power utility CEZ and the telecoms firm Cesky Telecom (CT), Marek Jindrich of the government’s press department announced after the Cabinet’s meeting on Wednesday.

The CKA acquired shares in CEZ and CT from the CSOB bank, which took over the bankrupt IPB bank in June 2000.

The CKA will sell 321,000 CEZ shares and 285,025 CT shares worth a nominal CZK 100 apiece.

The government has charged Finance Minister Bohuslav Sobotka with preparation of the sale of the securities on the Prague Stock Exchange (BCPP) at market price.

By law, ministers have to express their opinions on all CKA sales of securities, even if they represent only a small part of the companies’ share capital.

According to data on the BCPP’s website, blocks of CEZ and CT shares would be worth CZK 43 mln and CZK 87 mln, respectively.

(Interfax 09.vii.04)

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