Citic Unit Takes Board Chairmanship in CEFC Europe
(Reuters) — A unit of China’s state-owned Citic Group has taken over the chairmanship position at CEFC Europe, a Czech-based part of the troubled Chinese conglomerate CEFC China Energy, CEFC Europe said Monday.
Ren Xia, executive director of Rainbow Wisdom, a unit of Citic, was named to the board and elected chairwoman, according to a statement on CEFC Europe’s website.
The move showed that CITIC is proceeding with a plan to take at least partial control over CEFC assets. On Friday, CITIC repaid around 12 billion crowns ($544 million) of debt on behalf of the CEFC group to Czech banking and private equity group J&T.
CEFC Europe said earlier that Citic would take a 49% interest in the Czech assets. A CEFC Europe spokesman said Monday he could not confirm what the final shape of the deal would be.
The board replacement means that a crisis management team put in by creditors J&T earlier this month is leaving the firm.
Assets of CEFC Europe include Czech charter airline Travel Service, owner of the national carrier Czech Airlines; brewery group Lobkowicz; hotels and office buildings; the machinery company Zdas; and first-division soccer club Slavia Prague.
Mar 31 18:19
Mar 31 17:11
Mar 31 13:09
Mar 31 12:54
Mar 31 09:32
Mar 30 17:37
Mar 30 15:43
Mar 30 12:54
Mar 30 10:06
- 1In Virus-Ravaged Wuhan, Hours-Long Queues to Collect the Ashes of the Dead
- 2Gallery: Bereaved Families of Wuhan Finally Allowed to Collect Their Loved Ones’ Remains
- 3Wuhan Reports First New Covid-19 Case in Five Days
- 4China Meat Markets Offer Preview for Rest of World, Cargill Says
- 5Zhejiang Covid-19 Infection Highlights Threat from Asymptomatic Carriers
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas