Komarek takes full control of Fischer travel

Czech businessman Karel Komarek, majority owner of Fischer Travel, the firm originally founded by entrepreneur Vaclav Fischer, has gained firm control of the company for now. At a meeting of company shareholders Wednesday Mr Komarek pushed through a raise in Fischer Travel's share capital from 1 million to 11 million crowns. Vaclav Fischer, who did not take part in the share raise, loses influence over company operation for the time being. In the future minority shareholders Vaclav Fischer and Karel Komarek's capital group K & K will be able to raise the company's share level to increase their stakes to the level prior to Wednesday's general meeting, but Vaclav Fischer will be left without influence unless he raises far higher sums than he would have needed on Wednesday. New shareholder the K & K group has plans to still raise the company's share capital to 500 million crowns in 2004, while securing financing worth 500 million for the company's development.