July 24 2002 – Czech utility CEZ AS Tuesday said it has signed an agreement with state officials to buy a two per cent stake in electricity distributor Zapadoceske Energitka AS, or ZCE.

CEZ will pay the state-run, debt consolidation agency 196 million koruna ($1=CZK30) for the stake.

Together with a 48.28 per cent stake in ZCE that CEZ is in the process of buying from a different state agency, the company will have majority control of the regional distributor.

ZCE is one of eight regional distributors CEZ is buying from the state for CZK32 billion koruna as part of a broad restructuring of the country’s electricity sector.