China’s CITIC Group to buy 49% stake in CEFC

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There are reports that China’s CITIC Group is planning to buy up to 49% stake  CEFC China Energy, a private conglomerate based in Europe.

According to Reuters News, a CEFC executive briefed on the matter told Reuters on Tuesday.

A CEFC spokesman said he couldn’t immediately comment on the matter.

CEFC Europe said late on Monday that the firm’s activities in Czech Republic would continue, and a new unnamed Chinese shareholder would join the firm.

Czech news website www.tyden.cz said without naming its sources the new shareholder would be China’s state-owned CITIC Group, and that it would take a 49 percent stake in CEFC Europe.

Established by Mr. Ye Jianming in 2002, CEFC China formed its Board of Directors in 2006. The Company has under it two group companies at management level, 7 level-one subsidiaries as investment platforms and an A-share listed company, with a workforce of nearly 30,000.