Spectator on facebook

Spectator on facebook

Chinese will enter J&T in March

THE CHINESE investor will obtain shares in one of the biggest Czech-Slovak financial groups J&T in several weeks. 

(Source: SME)

It will become co-owner of several banks, including J&T Banka and Slovak Poštová Banka, the website of the Czech Hospodářské Noviny daily reported.

The financial and energy group China Energy Company (CEFC) will complete the acquisition of 5 percent in the banking holding J&T Finance Group (JTFG) during March, for which it paid some €80 million. It means that the banking part of J&T is valued at approximately €1.6 billion, as reported by the TASR newswire.

The Czechs received the money in late January. They are currently finishing the contractual documentation and at the next meeting of the board of directors the money from CEFC is to be used to increase the group’s capital.

One of the conditions of Chinese investors is that the current owners of the group also increase the capital, from some €950 million to €1 billion. This should be reported in the business register in the first half of March, which will in fact complete the acquisition by the Chinese group, TASR wrote.

JFTG signed an agreement of cooperation with CEFC, which is China's sixth biggest private company, in October 2014 during the official visit of Czech President Miloš Zeman in China. According to him, Chinese investors should increase their share in JTFG to 30 percent with investment of some €700 million.

It is, however, still not clear how many shares the Chinese investor will get as the negotiations are still underway, TASR wrote.

Top stories

Coalition only agrees on how to talk. But what will they talk about?

Budget talks to decide on concrete policies. Danko wants airplanes, Fico wants better pay for nights and weekends.

Danko, Fico, Bugar.

Cloud computing becomes a standard

External servers are now much more secure than local business ones, according to experts.

Slovak firms have their eyes on the cloud.

Slovaks drink less and less

Behind the decline in alcohol consumption is, for example, the abandoning of the habit of drinking at work – typical especially during communism, according to an expert.

Kiska: Even Europe has its aggressive neighbour

President Andrej Kiska addressed UN commenting poverty, instability and climate change.

President Andrej Kiska