Brno - The international finance group PPF and a struggling Czech-Slovak investment company J&T finally signed an agreement on working together in the field of energy.
According to the press release each company holds 40 percent in the newly created holding, while 20 percent goes to businessman Daniel Křetínský. He will be in charge of the managerial administration.
The holding comprises around 20 companies that all work in the field of energy production, boiler and turbine sales and bus production.
The deal should help preserve the most valuable assets of J&T, among which are ČKD Blansko and bus producer SOR Libchavy.
"The holding between J&T and Daniel Křetínský has a high risk potential. Our investment in the holding is one of the opportunities to invest in the current market," said PPF stockholder Jiří Šmejc.
He added the company is planning to invest not only in the Czech and Slovak markets but across central and eastern Europe, Russia and Commonwealth of Independent States (CIS).
The PPF group, owned mainly by Czech billionaire Petr Kellner, deals with retial banking and financing.
