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J&T and CITIC Group Representatives Conclude Agreement on Sale of Receivables and on Mutual Cooperation

25. May 2018

After constructive negotiations, representatives of J&T Private Investments and J&T Finance Group SE (J&T), on the one side, and Rainbow wisdom led by the Chinese corporation CITIC Group (CITIC), on the other, have agreed on strategic cooperation.

As part of the concluded arrangements, Rainbow Wisdom will purchase all of J&T’s receivables from CEFC Group companies whose business portfolio in Czech include financial services, manufacturing, real estate, aviation, tourism and beverage. The interim management team sent by J&T into CEFC Group (Europe) Company will be recalled.

Once all follow-up transactions are complete, Rainbow Wisdom will become a 9.9% shareholder and holder of perpetuity bonds in J&T Finance Group SE. 

J&T and CITIC representatives have further agreed to discuss development of cooperation and investment in joint projects. After obtaining the regulator's approval, the first step in this direction will be the reciprocal nomination of representatives of each party to the governing bodies of J&T and CEFC Europe.