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Main outcome of the extraordinary general meeting of Severomoravska energetika, a. s. (North Moravian Power Company), member of the CEZ Group

25. 2. 2004

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Main outcome of the extraordinary general meeting of Severomoravska energetika, a. s. (North Moravian Power Company), member of the CEZ Group

Today´s special general meeting of the company Severomoravska energetika, a.s., which was convened by the company board of directors by request of the majority shareholder Power Company CEZ, a. s., dealt with measures leading to an implementation of the approved outcome of the "Project REAS".

The main issues on the agenda of the extraordinary general meeting were a change of the company constitution, the company policy of enterprise activities and a contract of bilateral credit tranche with the CEZ  company, a. s. Outcome of the extraordinary general meeting:

-     The general meeting carried a motion for amendments to the company constitution by the shareholder CEZ, a. s. The changes concern mainly the following:

  • Specification of the company subject of enterprise

  • Specification of proceedings and competence of the general meeting

  • Specification of competence of the company bodies 

  • Updating  articles covering a process of flow of authorized capital

  • Formal modification of their structure

-     The general meeting approved a proposed company policy of enterprise activities which concern a possibility to earmark certain activities into common enterprises within the CEZ Group, and a future cooperation and coordination of activities within this group in order to optimize economies for securing a long-term growth of the value of the CEZ Group and its single members.


-     The general meeting decided to conclude an agreement of bilateral credit tranche with the CEZ  company, a. s., to optimize utilization of short-term and medium-term financial funds within the groups of REAS and CEZ, a. s. The companies will benefit from the possibility to limit or eliminate external, i.e. bank sources, for covering their financial requirements.  These measures will lead to cost savings of all members of the CEZ Group.


-     The general meeting appointed Marian Kus as member of Supervisory Board

    The reached decisions will provide for realization of the measures, which are the result of team work within the Project REAS. More than 100 employees, mainly from regional power industries, took part in this project. The decisions will lead to intensification of relations between the members of the CEZ Group, and to efficiency of its activities, so that the CEZ Group will succeed at the most in the tough competition on open market, and become the leader of the Central-European electricity market.