Czech Industry and Trade Minister Martin Riman will push for the sale of fewer shares in state-controlled electricity utility CEZ AS (BAACEZ.PR) than the 7% stake currently approved for privatization, the Hospodarske Noviny newspaper reported Friday.
Czech Industry and Trade Minister Martin Riman will push for the sale of fewer shares in state-controlled electricity utility CEZ AS (BAACEZ.PR) than the 7% stake currently approved for privatization, the Hospodarske Noviny newspaper reported Friday.

"There will certainly be a debate on this among (economic) cabinet ministers," Riman was quoted as saying in the newspaper.

Riman doesn't rule out the entire cabinet discussing his plan to scale back the planned sale of the government-held shares in CEZ.

Last year, the Czech government decided to sell 7% of CEZ in order to generate 31 billion koruna ($1.78 billion) for the state-run road-building fund. When completed, this sale would reduce the government's stake in the company to 61%,

However, the price of CEZ shares have risen some 30% on the year, fueled by increased electricity prices.

"I think it would be sufficient to sell only as many shares as needed to generate the required CZK31 billion," Riman was quoted as saying in the newspaper.

Riman's reported position contradicts last week's statement by Finance Minister Miroslav Kalousek who favors reducing the state's holdings in CEZ to 61%.

"No decision about stopping the CEZ stock sale has been taken, and I don't intend to take such a decision," Finance Minister Miroslav Kalousek said.

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