Misplaced Pages

#147852

37-512: PPF Group was founded by Petr Kellner , whose 98.93% shareholding passed to his wife Renata and their family upon his death in March 2021. According to Forbes magazine, Mr Kellner was the wealthiest Czech. PPF Group's other two shareholders are, Ladislav Bartoníček  [ cs ] and Jean-Pascal Duvieusart, each holding a 0.535% share. As of 31 December 2021, PPF Group's assets were worth EUR 42.2 billion. The history of PPF dates back to

74-459: A 19.2% stake in biopharmaceutical firm Autolus Therapeutics, making it the company's biggest shareholder. In October 2019, AT&T agreed to sell its stake in broadcasting company Central European Media Enterprises (CME) to PPF. In May 2022, Renáta Kellnerová announced the appointment of Jiří Šmejc as the Group's Chief Executive Officer, who assumed his post on 15 June 2022. Since 2019, most of

111-426: A 20% stake in the largest Czech insurance company , Česká pojišťovna and started to manage it. In 2000, PPF bought 31.5% stake of Česká pojišťovna from IPB for 2.85 billion CZK (around $ 72.27 million at the time). The transaction with IPB ended up with IPB paying to PPF 1.6 billion CZK (around $ 40.93 million at the time) penalty, making the real purchasing cost of the stake 1.25 billion CZK (around $ 31.98 million at

148-757: A Czech billionaire entrepreneur, the founder and majority shareholder (98.93%) of the PPF Group . At the time of his death, he had an estimated net worth of $ 17.5 billion, making him the wealthiest person in the Czech Republic . Kellner was born in 1964 in Česká Lípa , then in Czechoslovakia , but spent most of his childhood in Liberec . Kellner graduated from the University of Economics, Prague Faculty of Industrial Economics, in 1986. In

185-404: A fund focused on Slovakia . In March 1992 the registered name of the management company was shortened to P rvní p rivatizační f ond (First Privatisation Fund), a month later an extraordinary general meeting elected Popovič to its board. Following the advertising campaign at the outset of the first wave of voucher privatisation, PPF funds gathered 1.4% of all investment points and PPF became

222-499: A joint venture between PPF Group's insurance arm and Assicurazioni Generali's corporations in the Czech Republic, Slovakia, Poland, Hungary, Romania, Bulgaria, Ukraine, Russia, Serbia, Slovenia, Croatia, Belarus, and Kazakhstan. According to sources PPF Group will own 49% of that company from the start, and Generali will pay € 1.1 billion (around $ 1.29 billion at the time) to the PPF Group for its stake. From 2007 till 2013 Kellner

259-457: A mountain between Metal Creek and Grasshopper Valley at about 5,500 feet (1,700 m), 10 or 15 feet (3 or 4 m) from the top of the ridge, and rolled some 800 or 900 feet (240 or 270 m) downhill. The missing helicopter was reported to the authorities two hours after the tracking signal stopped. According to the preliminary report, GPS data show the helicopter hovered at a low altitude and speed (about one knot, about 1 mph), maneuvering over

296-500: Is Kellner's top lobbyist Vladimír Mlynář  [ cs ] , the first Czech Minister of Informatics, who works for PPF Group since 2010. As of 2013, Kellner owned 98.93% of the PPF investment and financial group. In 2006, he was first time listed in Forbes list of billionaires with estimated net worth at US$ 3 billion and as 224th wealthiest man in the world. In 2007, he

333-793: The 737 was used to repatriate his body back to the Czech Republic. He lived in an extensive residence in the village of Podkozí near Prague , and owned a number of other properties in various countries. He also owned one of the largest collections of photographs taken by Josef Sudek . He was an avid fan of the Jára Cimrman plays, as result PPF Group is a sponsor of Jára Cimrman Theatre  [ cs ] since 1999. Kellner died on 27 March 2021 in an Airbus AS350 B3 helicopter crash, while heliskiing in Alaska's backcountry near Knik Glacier , 50 miles (80 km) east of Anchorage , along with four other people. The helicopter crashed into

370-457: The Act No. 142/1996 made the transition to a standard corporation much more complicated. As a result, PPF IH was no longer subject to the regulation of investment funds. To push the transformation through, PPF used cross-shareholdings. For example, the industrial company TMP, in which PPF was the largest shareholder, acquired in March 1996 shares of the fund, only to sell them for a lower price after

407-519: The Dutch-based company CESPO. The contractual penalty amounted to 75% of the purchase price (CZK 1.6 billion). IPB transferred the shares too late and therefore CESPO paid only 25% of the agreed price. As a result, PPF had a majority interest in ČP. IPB went into forced administration in June 2000 and was sold to ČSOB. ČSOB later took PPF to the court, claiming the price of ČP shares was too low, it lost

SECTION 10

#1732782857148

444-505: The PPF Group's philanthropic activities have been united in the PPF Foundation, which supports science and education, the arts and care for Czech cultural heritage, civil society, community development and children's sports. In 2021, PPF Foundation supported 31 projects, to which it distributed more than CZK 55 million. PPF supports some projects in cooperation with The Kellner Family Foundation . This foundation focuses on improving

481-543: The biggest Russian electronics consumer chain, Eldorado. Along with J&T and Daniel Křetínský , PPF Group founded ( Energetický a průmyslový holding - Energy & Industrial Holding) in 2009. This was a vehicle to invest in the energy and industry sector. PPF Group held a 40% share in the company. In August 2012 PPF Group converted part of its debt for EPH shares and increased its share to 44.4%. In June 2014 PPF Group sold its stake for EUR 1.1 billion. In 2011, along with another Czech billionaire Karel Komárek ( KKCG ),

518-429: The board, which in turn approved a CSK 20 million investment in the form of a capital increase and debt financing. In November 1991 the registered capital of PPF was increased to CSK 6.6 million ($ 226,000) and Joudal was replaced by Jaroslav Přerost, who was at the time CFO of Sklo Union. In December 1991 PPF set up five investment funds: The registered capital of each fund was CSK 100,000 ($ 3,300). PPF did not establish

555-518: The case. In September 2000 the registered capital of PPF IH was decreased by 90% and CZK 1.77 billion ($ 45 million) was distributed among its shareholders (CZK 500 per share, meaning CZK 15,000 per voucher book). Jiří Šmejc became a shareholder of PPF Group N.V., registered in the Netherlands in 2005, acquiring a 5% share, with Ladislav Bartoníček and Jean-Pascal Duvieusart later becoming the remaining two shareholders. PPF Group bought TV Nova,

592-606: The collection of Czechoslovak and Czech photography, one of the largest private collections in the Czech Republic. PPF Art also runs two Prague galleries, The Josef Sudek Studio and Václav Špála Gallery , contributes to the operation of the Jára Cimrman Theatre in Prague, and supports the Summer Shakespeare Festival . Petr Kellner Petr Kellner (20 May 1964 – 27 March 2021) was

629-515: The division of the company into O2 – a mobile service provider, and CETIN , a telecommunications infrastructure and network company. In March 2018, PPF Group agreed to buy Telenor 's operations in Southeast Europe, namely Bulgaria ( Telenor Bulgaria ), Hungary ( Telenor Hungary , Telenor Common Operation ), Montenegro ( Telenor Montenegro ) and Serbia ( Telenor Serbia ) for a sum of EUR 2.8 billion. In September 2019, PPF Group acquired

666-415: The early 1990s. After the 1989 Velvet Revolution in what was then Czechoslovakia , the federal government led by prime minister Marián Čalfa decided to gradually privatise state-owned companies. A legal framework for privatisation was set down in Act No. 92/1991 passed on 26 February 1991. One of the agreed privatisation methods was voucher privatisation . Czechoslovak citizens who decided to take part in

703-408: The eleventh-largest management company in terms of acquired privatisation points. In the second wave, which took place after the dissolution of Czechoslovakia on 31 December 1992, PPF funds gathered 2.1% of all investment points (ninth-largest group). In 1994 shareholders of the four largest funds from the first wave agreed a merger, the smallest Regional Investment Fund was later liquidated. In 1996

740-564: The extraordinary general meeting losing CZK 96 million ($ 2.5 million). On 19 June 1996 the Minister of Finance Ivan Kočárník hosted a key meeting of ČP shareholders, the state's National Property Fund (NPF), PPF, and three banks, IPB , ČSOB and KB . NPF, which held a 30% stake in ČP, was represented by the Minister of Privatization Roman Češka (of the party ODA ), the governor of the Czech National Bank, Josef Tošovský

777-491: The first private TV station in the Czech Republic, in 2002. Then in 2005, after stabilising TV Nova, the group sold TV Nova to the media group CME , and later agreed with CME to buy the station back in 2019. In 2008, PPF Group and Italian Generali founded an insurance holding company, into which they placed their insurance assets. As of 2013, the Group owned assets worth EUR 22.113 billion, including various assets from banking and insurance to real estate, energy, agriculture and

SECTION 20

#1732782857148

814-579: The group acquired control of the Czech lottery company Sazka . Working together, both companies were able to stabilise Sazka and help it to recover. In October 2012, PPF Group sold its 50% share in Sazka to KKCG. In 2011 PPF Group founded a new bank in 2011 called - Air Bank , specialising in online banking. Then, towards the end of 2012, SOTIO became a member of PPF Group. SOTIO is a biotechnology company developing new Active Cellular Immunotherapy ("ACI") for

851-421: The investment fund PPF ( První Privatizační Fond : First Privatization Fund) with Milan Vinkler and state-owned glassworks Sklo Union. In 1992, PPF investiční společnost a.s. was established and the funds' names were changed from privatization to investment. The funds were very successful and purchased stock of more than 200 corporations with nominal value 5 billion CZK . In 1995 and 1996, PPF bought

888-637: The late 1980s, he worked as a production assistant in Barrandov Studios , even having a cameo in the 1989 film Time of the Servants  [ cs ] . After the Velvet Revolution he worked for the Czech company Impromat, an importer and seller of Ricoh photocopiers . While working for that company, he met Milan Maděryč and Milan Vinkler. In 1991, after the announcement of Czechoslovak voucher privatization , he founded

925-419: The merged fund acquired a 20% stake in Česká pojišťovna (ČP), the largest Czech insurance company. ČP had a profitable insurance business, however its two subsidiary banks were losing billions of Czech crowns, decreasing the ownership equity of ČP. On 17 June 1996 the first wave fund was transformed to a standard holding corporation (PPF IH). The transformation took place just two weeks before 1 July 1996, when

962-546: The quality of education in public primary schools in the Czech Republic, supports socially disadvantaged students at the Open Gate - Grammar and Primary School in Babice, and provides grants to Czech students to study at international universities. Since its foundation, The Kellner Family Foundation has given CZK 1.6 billion in support of educational activities in the Czech Republic. Through its subsidiary PPF Art, PPF manages

999-410: The time). Later PPF acquired more shares and became the dominant (93%) owner in 2001, when PPF bought large stakes of shares from Komerční banka and the Czech state. With help of these profitable transactions, the last investors from voucher privatization were bought out and Kellner became the dominant owner of PPF Group. In 2007, PPF Group signed a contract with Assicurazioni Generali to create

1036-489: The treatment of cancer and autoimmune diseases. In 2013 Jiří Šmejc sold his 5% share in PPF Group to Petr Kellner. As part of the transaction Mr Smejc acquired a 13,4% share in Home Credit N.V. and Air Bank. In November 2013, PPF Group acquired a 66% share in the Czech telecommunications company Telefónica O2 Czech Republic for 63,6 billion CZK ($ 3.2 billion). In August 2015 the general shareholders meeting authorized

1073-520: The voucher privatisation scheme had two options, to use their vouchers to either personally bid for shares in companies to be privatised or to exchange them for shares in privatisation funds, whose managers would then make the investment decisions. In September 1991 PPF was founded as a Teplice -based company called Správa p rvního p rivatizačního f ondu (literally Management of the First Privatisation Fund). It registered capital

1110-450: The wealthiest person in the Czech Republic. In 2018, Kellner ranked #88, with US$ 15.5 billion. In 2020 he ranked #68 with US$ 14.9 billion. In October 2020, Czech Forbes listed him as the richest person in the Czech Republic with net worth 293 billion CZK (around US$ 13 billion at the time). In 2010 he bought a Boeing 737-700 BBJ1 as his business airplane. It was registered P4-NGK and was operated by ABS Jets . After his death in 2021,

1147-578: Was CSK 100,000 ($ 3,300). Petr Kellner became its chairman, and the other board members were managing director Milan Vinkler and Petr Joudal. All of three were already entrepreneurs. In February 1991 Kellner founded the company ANO with Joudal and the company WIKA with Vinkler. To succeed in privatisation, PPF needed money for an advertising campaign , which it obtained from state-owned glassworks Sklo Union , also based in Teplice. Štěpán Popovič , board member of Sklo Union, formally introduced Kellner to

PPF (company) - Misplaced Pages Continue

1184-505: Was 119th with US$ 6 billion; in 2008 he was 91st with US$ 9.3 billion. In 2009, he was 76th with US$ 6 billion. In 2010 he was 89th with US$ 7.6 billion; according to the Czech weekly Týden , the estimates were lower, however, approx. US$ 4 billion. In 2015, Kellner ranked #137 on the Forbes list with an estimated wealth of US$ 9.2 billion (2015). In August 2016, he ranked #102 with US$ 11.4 billion, making him

1221-487: Was also present. It was agreed that PPF should manage ČP, and IPB would manage its ailing subsidiary banks. PPF and IPB also got an option to purchase ČSOB shares, subject to the condition that the audited ČP profit for 1997 was positive. In 1998 PPF and IPB exercised that option and the state lost its majority in ČP (the state was the largest shareholder in ČSOB and KB banks). On 21 March 2000, Libor Procházka (IPB) agreed with Petr Kellner to sell ČP shares controlled by IPB to

1258-431: Was funded by PPF banka from PPF Group. The second is Ivan Kočárník  [ cs ] , who served as Czech Minister of Finance from 1992 to 1997, during the privatization of Česká pojišt'ovna into the hands of PPF Group. After he retired from active politics in 1997 he was a member of the board of directors from 1997 to 2000 of Česká pojišt'ovna and a member of its supervisory board from 2000 to 2007. The third

1295-556: Was member of the board of directors of Generali. Kellner himself later bought 2.02% stake in Assicurazioni Generali. In 2013 Kellner's PPF sold their remaining shares in the Generali PPF Holding (GPH) to Generali for € 2.5 billion (around $ 3.32 billion at the time), who became sole owner effective in early 2015. In early September 2007, Ronald Lauder announced that Kellner held a 3% stake and

1332-520: Was never built. PPF Group has often operated in state-regulated business (insurance, banking, telecommunications), so intermingling with the politics was inherent. Three politicians are clearly linked to Kellner. The first is Václav Klaus , firstly the Czechoslovak Minister of Finance during times of voucher privatization, later Prime Minister and Czech president. After he retired from active politics in 2013, his Václav Klaus' Institute

1369-513: Was on the board of directors of Central European Media Enterprises . In 2019 PPF Group acquired whole CME. In 2013, Kellner purchased the Hotel Praha , a luxury hotel in the Dejvice section of Prague that had been built under Communist rule. Kellner demolished the hotel in 2014 and sought to turn the land into a campus of Open Gate , an elite private school he had founded. The school

#147852