Arca Capital claims merger with M&M reality is still on

by   CIJ iDesk I
2020-06-29   10:40

The Czech investment group Arca Capital is continuing to try to complete its merger with one of the biggest Czech real estate agencies M&M Reality, despite having applied for court protection from its creditors in Slovakia at the end of last week. Arca was on course to take a 47.5 percent share in the real estate agency, but the deal still hasn't been listed in the country's business registry. "Nothing has changed in terms of our merger," said M&M reality's owner Petr Morcinek. "We're crossing our fingers for our partner that the restructuring is successful, because the syngergetic effects that we're now carrying out would move both companies into the first place in real estate and financial sectors. By that I mean in the Czech Republic, Slovakia and in Austria." He said the country's anti-monopoly office still has to give its approval for the deal. The company's main shareholder Rastislav Velič was forced to beg for patience from investors who had purchased 3-month, 8 percent promissory notes that the company is already a month late in repaying.