OEG reorganised its shareholding in Latvian subsidiary
Posted on 29.12.2015
Olympic Entertainment Group AS (OEG) acquired 8.6% of Olympic Casino Latvia SIA shares i.e. total 554 shares from OEG group company Siquia Holding B.V. Olympic Casino Latvia SIA is also a OEG group company and operates casinos in Latvia. As a result of acquisition the entire 100% share capital of Olympic Casino Latvia SIA belongs now directly to OEG. The aim of the acquisition was reorganising of the group structure so that OEG has the direct ownership in the Latvian subsidiary. Parties have agreed not to disclose the transaction price and the due date of the payment. As Olympic Casino Latvia SIA will remain to be a part of the OEG group, then the transaction does not have a material effect on the profit, assets, liabilities or economic activities of the OEG group.
Although for the purposes of the Rules and Regulations of NASDAQ OMX Tallinn Stock Exchange, the transaction is considered to be a transaction with related party (shareholder and supervisory board member of OEG owns 5% shareholding in an entity, which owns 100% of the share capital of Siquia Holding B.V.), it does not constitute material transaction with a related party. The management board and the supervisory board members of OEG are not personally interested in this transaction in any other way. Under the transaction, OEG did not pay to related party using its shares.