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UOHS allows 3 companies of Vaclav Fischer to merge with K&K Capital

The anti-monopoly office UOHS has allowed the merger of three companies of entrepreneur Vaclav Fischer with K&K Capital Group owned by Karel Komarek, who can now act as the majority owner of CK Fischer, Fischer S.R.O. and FischerAir, UOHS spokesman Kristian Chalupa said.

UOHS received the request for examination of the merger on November 6 2003. It issued its verdict before the 30-day deadline expired. No objections have been received from third parties by November 19. Shareholders of CK Fischer had to postpone an extraordinary general meeting that was to take place on November 24, due to the missing decision by UOHS.

CK Fischer announced on Wednesday 3 December that the general meeting would take place on December 18. The general meeting should alter the articles of association and make changes on the company's boards.

Entrepreneur Karel Komarek recently bought through K&K Capital Group 75% of CK Fischer. Komarek helped Vaclav Fischer's companies, which had financial problems. Fischer himself invested 360 million crowns in the three companies in mid-November to financially stabilise them. Fischer retains 25% of his companies and should now be in charge of marketing and commercial activities, while Komarek's people would be in charge of finances.

Travel agency CK Fischer expects to sell 300k package tours this year, the same number as last year. Last year, CK Fischer, the largest Czech travel agency, posted sales of 3.3 billion crowns and a net profit of 59.2 million crowns. This year, the fiscal year ended on October 31, and the company expects a moderate loss.

(NewsBase 08.xii.03)

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