March 12, 2018 / 11:08 AM / a year ago

Czech group J&T seeks CEFC assurances before deal on raising stake

PRAGUE, March 12 (Reuters) - Czech-Slovak financial company J&T Finance Group said on Monday it would be unacceptable to conclude a deal giving China’s CEFC a bigger stake in its business if the Chinese group cannot explain the latest media reports surrounding it.

“If CEFC does not disprove satisfactorily news of major economic problems of the group and clearly explain the reasons of the alleged prosecution of its senior official, the completion of the long-prepared transaction for entry to J&T Finance Group is unacceptable,” J&T said in a statement.

CEFC holds 9.9 percent in J&T and is seeking to raise that to 50 percent. (Reporting by Jason Hovet; editing by Jason Neely)

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