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PPF to ask CETIN for CZK 32.2bn

PPF will ask Česká Telekomunikační Infrastruktura (CETIN) which will commence its existence on June 1, 2015 after its the spinoff from O2 Czech Republic for financial assistance in the form of a loan worth CZK 32.2bn. The loan will be used to repay the acquisition loan provided by a syndicate of banks of PPF Arena 2 B.V. upon the purchase of O2 CR from the Telefonica Group, PPF said in a statement. PPF also said it would announce a voluntary proposition for the purchase of shares from all shareholders of O2 CR and CETIN. PPF has declared it will not strive to withdraw O2 CR’s shares from the stock market. In 2014, PPF generated net profit of EUR 372m. Revenues amounted to EUR 7bn and assets rose 5% to EUR 21.89bn. Growing assets and revenues are primarily the result of O2 CR’s acquisition, said PPF’s CFO Kateřina Jirásková.

Source: www.cianews.cz