Government sells off further shares in ČEZ

The Czech government has sold more of its stake in the energy-giant ČEZ. In the last week, the government has gone from owning 67.61 percent of the company to 65.75 percent. In March 2007, the Czech cabinet passed a resolution allowing it to sell off seven percent of the power producer in order to raise funds to be spent on the country’s road system. The amount expected to be generated by the seven-percent sale is 31 billion CZK (1.8 billion USD). ČEZ is the largest Central European energy producer and the most profitable Czech company. In 2007, it was estimated to have made a profit of 42.6 billion CZK (nearly 2.5 billion USD).