OEG to restructure its Latvian subsidiaries
Posted on 27.05.2014
OLYMPIC ENTERTAINMENT GROUP AS (OEG) has adopted a decision to restructure its Latvian subsidiaries. In connection with the decision, the share capital of Olympic Casino Latvia SIA shall be converted into euros and increased up to EUR 4,564,620. The increase of share capital will be completed at the end of May 2014.
OEG has also made a decision to merge its Latvian subsidiaries Olympic Casino Latvia SIA and Altea SIA, a casino operator acquired in summer 2013. Olympic Casino Latvia SIA shall merge Altea SIA. The merger process shall take 10 months and after its completion the group shall continue operating casinos in the Latvian market only through Olympic Casino Latvia SIA. The purpose of the merger is adjustment of the group’s structure.
The abovementioned transactions have no direct influence on the economic activities of OEG Group. The members of the management and supervisory board of OEG have otherwise no personal interest in the transaction.