The ministry will gain some 0.38 percent in CEZ for 14.2 percent in PRE from PRE owners PRE Holding and Honor Invest of South Africa to set up camps for displaced migrants ...
Joseph Fritzl to be held for a further month ...
Projects ... the J&T group. The ministry is to get stock corresponding to 0.38 percent in CEZ share capital.
The calculation is based on the price of Kc5,000 per one PRE share and Kc1,240 per CEZ share. Ministry spokesman Jiri Sezemsky did not confirm the figures. "I cannot provide more detailed information at the moment, more will be known early next week," he said. According to Central Securities Registry (SCP) data, the state now holds 63.01 percent in CEZ. Minister Petr Necas earlier said the government wanted to gain more useful assets for PRE stock. "[PRE shares] are practically worthless for us. The other shareholders are acting in concert and so we have no control over PRE's management and the dividend policy," he said earlier. He added that the government wanted to exchange the shares also because it intended to sell 7 percent of CEZ on the Prague bourse. The government approved the exchange of the block of Prazska energetika shares for CEZ shares last year in August. Prazska energetika Holding, in which the city of Prague has a majority stake, holds 50.8 percent in PRE. The firm Honor Invest, owned by financial group J&T Finance Group, has 34 percent, and the Labour Ministry 14.2 percent. When the deal is made, PRE Holding's shares should be raised to 57.88 percent and Honor Invest's share to 41.1 percent.
(Ceske Noviny)
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