According to Ministry of Finance spokesman Ondrej Jakob, state has not decided about its broker(s) for the sale of its 7% stake in CEZ yet. The decision should take place in a week or two. Ceska Sporitelna (CS) of Erste Group should be one of them, while there are some speculations on the market that Komercni banka of Societe Generale Group should be helping with the sale. Our view: As we mentioned yesterday we expect state to start selling its stake in CEZ towards the end of May. Speculations about CS as broker on sell side comes from different sources therefore we see it very probably that CS will be appointed. For the time being CEZ has already started to buy its own shares and publishes information about bought shares on its web page daily, e.g. on Monday CEZ bought back 223,541 shares. We see the news about timing the decision about brokers on sell side as positive for the moment as there is no threat of overhang on the market.