CZECH and Slovak investment group J&T has signed a strategic cooperation agreement with Chinese private company CEFC China Energy, J&T spokesperson Jana Jarošová stated on October 27, according to the TASR newswire.
CEFC is the sixth largest privately owned company in China and, at the same time, one of the biggest corporations in the world. It provides a wide range of business activities, including finance, energy and infrastructure.
The inking of the agreement was achieved during an official visit by Czech President Miloš Zeman to China.
“We’ve been searching for opportunities for growth and development for a long time,” said J&T’s board of directors member Patrik Tkáč, as quoted by TASR. “The partnership between J&T and CEFC opens up new opportunities for both signatories, largely as concerns financial services. The signing of a strategic partnership is the first step within our cooperation, which may translate into both entities being connected via a minority share.”
Czech news website E15 reported at the weekend that the Chinese firm would acquire a 30-percent stake in J&T. The website estimated that the transaction would cost some €686 million, TASR reported.
“Taking into account the complexity of the entire process, which is subject to several regulations and approvals both in China and all countries in which J&T does business, it’s too early to talk about the volume of capital investment or stake,” said Tkáč, as quoted by TASR.
Compiled by Roman Cuprik from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
28. Oct 2014 at 10:00