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CEZ Power Company has increased the majority in Skoda Praha to 97.6 %

11. 3. 2005

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CEZ Power Company has increased the majority in Skoda Praha to 97.6 %

Pursuant to the offer for a purchase of stocks announced in January, CEZ Power Company has gained not only the share hitherto held by the state, but also the shares from small shareholders. CEZ´s capital participation in Skoda Praha has thus increased from standing 68.88 %, by 28.72 %, to 97.6 %, the referred-to share represents also a participation in the company´s voting rights.

 The announced offers have been used by owners of altogether 361,201 shares for a proposed price of 193,- CZK per a share.

"The increase in the share reflects our interest in utmost development of the enterprise of Skoda Praha. We can see a high potential in this case, especially in relation to the power plant renovation in our country and abroad, which lies ahead the power industry," commented on the transaction Radomir Lasak, Administration Division Director and a member of the Board. "More than 200 000 MW must be renewed within the entire EU by 2020, and there is an opportunity for Skoda Praha as well," he added.

CEZ Power Company became the majority owner of Skoda Praha last January, when its share in Skoda Praha increased from original 29.8 % to 68.88 %.

 

Eva Novakova, Press Officer, CEZ, a.s.