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November 22nd, 2008
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June 11th, 2008 | Current Issue

An alternative no longer
RM-System to become full-fledged stock exchange

BRIEFS


EURO After Slovakia joins the eurozone next year, no other country will likely adopt the currency for four to five years, Zdeněk Tůma, governor of the Czech National Bank (ČNB), predicted at a conference in Slovenia June 6. The Czech Republic is delayed by lack of political agreement, with the Civic Democrats advocating delayed adoption while the Social Democrats want to accelerate the process.

BOURSE The Prague Stock Exchange (BCPP) saw its profit increase more than a third last year, to a record 198.5 million Kč ($12.5 million), the BCPP announced June 5. The bourse will also pay out record dividends of 620 Kč per share. The exchange’s shareholders are largely domestic banks and brokerages, with Patria Finance holding the largest stake, at 24.85 percent.
ZENTIVA The ČNB has approved a takeover bid launched by the financial group PPF for the generic drug manufacturer Zentiva, the bank announced June 4. PPF, which holds 19.1 percent stake in Zentiva, announced the bid, at 950 Kč per share, May 2. Sanofi-Aventis of France is the largest stakeholder of the drug manufacturer, holding 24.9 percent. Zentiva’s board is still assessing PPF’s offer, the company said.
LAUNDERING The Czech Republic and Slovakia could face a suit due to their tardiness incorporating the European Union’s anti-money-laundering directive into their legislation, according to a June 5 announcement by the European Commission, the EU’s executive arm. That day, the Czech Senate passed the bill incorporating the rules. Barring a presidential veto, it will take effect within the next few months.

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