PPF to request $1.29 billion loan from CETIN

01 June 2015 |

Czech financial firm PPF will ask for a loan of $1.29 billion (32.2 billion crowns) from CETIN – the firm created from the spin-off of O2 Czech Republic’s infrastructure arm – Reuters reports.

PPF is the majority stakeholder in O2 Czech Republic, and the loan will allegedly be used to repay an acquisition loan PPF used to buy Telefonica’s shares in the Czech telco.

PPF said that it had abandoned intentions to secure a loan from O2 Czech Republic as initially planned.

The creation of CETIN was approved by shareholders in April this year, with the remainder of O2 Czech Republic continuing as a publicly listed operator.