According to Prague Securities Centre, government stake in CEZ remain at 67.44% as of September 4. Our view: We believe that government has already started selling its stake at CEZ; however it is still not clear how the sale will be carried out. If we assume that government sells around 750,000 shares per day on average then the sale is going to last around 53 business days. CEZ buys on average 333,488 shares per day and we expect the buy-back program to last for next 89 business days.