|Investment fund Wood & Company has increased its share in Czech non-woven textiles maker Pegas Nonwovens to 10.56%, becoming the largest shareholder in the company, Pegas said in a statement. Before the transaction, Franklin Templeton was Pegas largest shareholder. In a separate statement, Pegas said it signed a contract with state-owned Export Guarantee and Insurance Corporation for the coverage of risks connected with its investment in Egypt. Pegas plans to invest between EUR 55mn and EUR 60mn in a new production plant in Egypt, which will be the companys first production unit abroad. The plant is planned to start operations in the second half of 2013. The insurance contract includes insurance of the investment against the risk of prevention of the transfer of returns, expropriation or politically motivated violent damage. Pegas produces non-woven textile mainly for hygienic products, construction and medical industries. The company operates two plants in the Czech Republic and plans to launch a new domestic production line in the third quarter of 2011. Pegas second-quarter net profit surged 147.7% y/y to EUR 4.4mn.
Social Democrats (CDDS), the major Czech opposition party, proposed next year's general and European elections to be held on the same day, CTK news agency reported. CSSD leader Bohuslav Sobotka ... more
The Czech unit of UK retailer Tesco faces a fine of up to CZK 3mn (EUR 116,000) for selling beef lasagne containing undeclared horsemeat, Radio Prague reported. The state-run Agricultural and Food ... more
The upper house of the Czech parliament, the Senate, voted on March 20 a constitutional amendment to limit the immunity of lawmakers and constitutional judges, Radio Prague reported. Out of the ... more