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.
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