Valartis Group AG: Closing on the takeover of Valartis Bank (Liechtenstein) AG by Citychamp Watch & Jewellery Group Ltd. - final precondition for successful implementation of recovery plans fulfilled
(Thomson Reuters ONE) -
Valartis Group AG /
Valartis Group AG: Closing on the takeover of Valartis Bank (Liechtenstein) AG
by Citychamp Watch & Jewellery Group Ltd. - final precondition for successful
implementation of recovery plans fulfilled
. Processed and transmitted by Nasdaq Corporate Solutions.
The issuer is solely responsible for the content of this announcement.
Hong Kong-based Citychamp Watch & Jewellery Group Ltd. today took over 83.22
percent of the capital of Valartis Bank (Liechtenstein) AG from Valartis Finance
Holding AG and from minority shareholders of the bank at a price of
approximately CHF 93,545,470 (approximately HK$ 757,718,300). Valartis Finance
Holding AG is the Liechtenstein-based finance holding of Valartis Group AG,
Baar. Closing on this transaction means that the final precondition for the
successful implementation of recovery plans for Valartis Finance Holding AG in
Liechtenstein and Valartis Group AG in Switzerland has been fulfilled. Final
implementation of recovery plans is expected in the fourth quarter of 2016.
Citychamp Watch & Jewellery Group Ltd. intends to continue the business
activities of the private bank in Liechtenstein, with the existing management
and employees, in order to carry on providing professional financial services in
the fields of wealth management, investment advisory and fund management.
Hon Kwok Lung, Chairman of the Board of Directors of Citychamp Watch & Jewellery
Group Ltd.: «Considering the unique position of Hong Kong as an international
financial centre, especially after the implementation of the Belt Road Strategy
of the PRC Central Government, the Group is interested in diversifying into
securities and banking businesses. With the outlook and confidence in the
future prospects of the banking industry, we believe that the acquisition
provides an opportunity for the Group to diversify its businesses and broaden
its revenue and income stream.»
Gustav Stenbolt, Chairman of the Board of Directors of Valartis Group AG: «The
Board of Directors and Group Executive Management of Valartis Group are pleased
to have found a solid and, in the long term, attractive acquirer for the bank in
Liechtenstein. Citychamp Watch & Jewellery Group has the ideal prerequisites for
providing the bank and its employees with a sustainable development potential».
Successful implementation of recovery plans for Valartis Group is expected in
the fourth quarter of 2016
The agreed purchase price for around 70 percent of the capital of Valartis Bank
(Liechtenstein) AG is CHF 77.4 m, plus a pro rata share in the bank's net
income for the current period until the closing of this sale's transaction. This
means that Valartis Finance Holding AG will repay its outstanding credit
liability of CHF 43.2 m to Valartis Bank (Liechtenstein) AG. A further portion
of the sales price will be used for the partial repayment of Valartis Finance
Holding AG's outstanding credit liability of around EUR 68.4 m to Valartis Bank
(Austria) AG. Following closing on divestment of the major banking operations of
Valartis Bank (Austria) AG on 1 April 2016[1], the Austrian group retains EUR
11.0 m (net), plus equity amounting to EUR 61.8 m (as at 31 December 2015). On
this basis, following the return of the banking license in Austria which has
already taken place, the credit liability to Valartis Bank (Austria) AG will be
reduced in full. The remaining proceeds from the sale's transaction in
Liechtenstein will cover other Valartis Finance Holding AG outstanding
liabilities and secure the Group's liquidity requirements.
Closing on the sales' transactions in Austria and Liechtenstein concludes the
divestments which were required as a basis for the recovery of Valartis Group AG
and Liechtenstein-based Valartis Finance Holding AG[2]. These divestments and
the cash flows they have generated, together with the agreements which have
since been reached with creditors, enable the Board of Directors of Valartis
Group AG and Valartis Finance Holding AG to implement final recovery measures
targeted on the successful lifting of bankruptcy deferment in Liechtenstein and
the moratorium in Switzerland during the course of the fourth quarter of 2016 -
and ultimately to achieve complete recovery at the end of the process[3].
Reduced Group loss expected for 2016
From a current viewpoint, following successful closing on the transaction in
Liechtenstein, Group loss in 2016 is expected to be lower in comparison to the
previous year (2015: Group loss for continued and discontinued operations
amounted to CHF 58.4 m).
Divestment of the banks in Liechtenstein and Austria means that reporting on the
segment Private Clients will be dropped entirely. In the fourth quarter of
financial year 2016, Valartis Group will thus alter its segment reporting
structure in order to better correspond with the new, slimmer Valartis Group
structure. The following changes will be made: management of the several
business segments will not be required any longer, and the continued operations
will report directly to the Group CEO.
Valartis Group - a holding company
By resolving to divest most of the Group's private banking holdings, the Board
of Directors of Valartis Group AG also determined to focus strategically on
management of investments in the fields of financial services, real estate
projects and private equity. Valartis Group AG thus remains a holding company
with three operative approaches. These comprise active management of own
participations, management of third-party assets and identification of new
opportunities.
Agenda
General Meeting 2017 16 May 2017
For further information, please contact:
Kim-My Schefer, Head Corporate Communications & Marketing, Valartis Group AG
Tel. +41 44 503 54 02, MediaRelations(at)valartis.ch
Chi Wah Fong, CFO, Citychamp Watch & Jewellery Group Ltd., Tel. +852 2275 3706
Lai Lam, CEO Assistant, Citychamp Watch & Jewellery Group Ltd., Tel.
+852 2275 3761
www.citychampwatchjewellery.com
Valartis Group
Valartis Group is an international finance group with offices in Switzerland,
Luxembourg, as well as Moscow and St. Petersburg. Valartis Group AG (Baar,
Switzerland) is listed on the Swiss stock exchange, SIX Swiss Exchange.
Continued operations include the fields of financial services, Real Estate
Project Management and Private Equity. www.valartisgroup.ch
--------------------------------------------------------------------------------
[1] see also media release from 1 April 2016: Closing on takeover of banking
operations of Valartis Bank (Austria) AG by Wiener Privatbank SE;
http://www.valartisgroup.ch/de/News-Medien/News-Medienmitteilungen/
[2] see also media release from 16 November 2015: Valartis Group AG, Baar,
under provisional moratorium: application for a definitive moratorium will be
submitted today;
http://www.valartisgroup.ch/de/News-Medien/News-Medienmitteilungen/
[3] Bankruptcy deferment in Liechtenstein is currently granted until 28
October 2016 and the moratorium in Switzerland until 23 November 2016.
Press release (PDF):
http://hugin.info/143135/R/2043471/762915.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Valartis Group AG via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 21.09.2016 - 00:40 Uhr
Sprache: Deutsch
News-ID 496044
Anzahl Zeichen: 8529
contact information:
Town:
Baar ZG
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 319 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Valartis Group AG: Closing on the takeover of Valartis Bank (Liechtenstein) AG by Citychamp Watch & Jewellery Group Ltd. - final precondition for successful implementation of recovery plans fulfilled"
steht unter der journalistisch-redaktionellen Verantwortung von
Valartis Group AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
