The Czech government has halted its share sale in state-run power company CEZ AS (BAACEZ.PR) because of market turbulence and CEZ's currently lower share price, Finance Minister Miroslav Kalousek was quoted saying in the Hospodarske Noviny newspaper Monday.
To date the government has sold 4.6% of CEZ shares for 34 billion koruna ($1.86 billion). The government could still sell another 2% according to its plan to sell up to 7% of CEZ shares to generate CZK31 billion for the budget.
The government, which sold the bulk of the shares for between CZK1,250 and CZK1,400, now holds roughly 63% of CEZ shares.
On Friday, CEZ closed 5.5% lower at CZK1,025 in Prague.