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20. 12. 2005

Others

State-owned shares in Severoceske doly transferred to CEZ

Today, 55.792 per cent of shares in Severoceske doly owned by FNM CZ (National Property Fund) have been transferred to CEZ and the whole transaction has been settled. CEZ has increased its present 37.31% share in this company to 93.102 % by this step. The purchase price was 9,046m CZK.

This transfer has definitely fulfilled the resolution No. 1259 of the government of the Czech Republic from 29 September 2005 concerning the privatization of the state-owned share in Severoceske doly a.s.

„It is one of the most important investments of CEZ. It gives us security for the future reliable operation of our new plants or power plants that are being completely renewed. Now we can fully start our renewal program of a part of coal resources, to which CEZ is going to invest over 100bn CZK in the next years. This amount invested mainly in the North-Bohemian region will be one of the highest investments ever realized in the Czech Republic. This investment will also strongly support employment in the region and will bring opportunities for a number of local firms,“ said Martin Roman, Chairman of the Board and CEO of CEZ.

CEZ and Severoceske doly are mutually very dependent – 80 % of SD´s production go to CEZ and cover 60 % of CEZ´s needs. On this account, the merger of both firms is the only logical solution. Our competitors use identical organization.                                                          

Ladislav Kriz, Press Officer CEZ, a. s.