OEG exits the Belarusian market and starts the liquidation of its Belarusian subsidiary
Posted on 23.09.2016
Olympic Entertainment Group (OEG) exits the Belarusian gaming market due to the inefficient operations caused by the macroeconomic situation and poor prospects to increase profitability in Belarus.
The revenues and income of the Belarusian subsidiary of OEG in 1H 2016 amounted to EUR 0.2 million and operating loss amounted to EUR 0.15 million. In 1H 2016 the Belarusian operations constituted 0.2% of the Group’s total revenue and income.
The liquidation of the Belarusian subsidiary will not cause OEG any material impairment of assets nor liquidation related costs, which will be about EUR 0.1-0.2 million.