Acquisition of a subsidiary in Poland
Posted on 27.04.2007
Today OEG executed the agreement of acquisition of 80% of the shares of Casino Polonia (hereinafter referred to as the Transaction). The amount of share capital of Casino Polonia is 4,9 million Polish zloty (approximately 20,4 million Estonian kroons i.e. 1,3 million euros). Total purchase price of 80% of the aforementioned shares is 9,0 million euros (140,8 million kroons), 1,75 million euros (27,4 million kroons) of which has been already paid.
Casino Polonia is the owner of seven casinos in four Polish cities – Warsaw, Wroclaw, Szczecin and Gorzow Wielkopolsk. The company is currently the operator of 34 game boards and 241 slot-machines. After the Transaction all the casinos will be transferred under the trademark of Olympic Casino.
Pursuant to the rules of Tallinn Stock Exchange, the Transaction is not considered to be a transaction with a related party and the members of the Management Board and Supervisory Board of OEG have also no other personal interests to close the Transaction.
The closing of the Transaction by OEG and the acquisition of 80% of the shares of Casino Polonia does not constitute a disposal of a qualifying holding within the meaning of the Rules of Tallinn Stock Exchange.
The purpose of this Transaction is the entry to the Polish market. As a result of the completion of the Transaction, OEG operates also in Poland, in addition to the markets in Estonia, Latvia, Lithuania, Belarus, Ukraine and Romania.
Member of the Management Board
Olympic Entertainment Group
Tel + 372 667 1250