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The statement of CEZ Power Company about the recommendation of the Slovak Privatization Board concerning the privatization of Slovenske elektrarne

12. 9. 2004

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The statement of CEZ Power Company about the recommendation of the Slovak Privatization Board concerning the privatization of Slovenske elektrarne

CEZ´s priority is to increase the firm´s value for shareholders, not only to expand abroad. We consider the expansion to be only one of the tools to reach our goal, but not the goal itself. We have always said, that we can accept only a price, which will increase the firm´s value, and that is the price CEZ offers when expanding. CEZ was also successful this way during the privatization of the Bulgarian distributional firms, historically biggest Czech foreign investment.

At the same time, we offer a price which is fair to the seller. CEZ is not going to proceed the same way as some foreign firms that ran into difficulties due to exaggerated prices, ENRON being an example. This reasonable position is appreciated by investors, which can be shown by the increase in CEZ´s stock quotation," said at this occasion Martin Roman, CEO and Chairman of the Board of CEZ.

Ladislav Kriz, Press Officer, CEZ, a. s.