Olympic Entertainment Group is increasing to 100% its holding in The Box S.r.l., a company that manages operations in Italy
Posted on 22.10.2015
Olympic Entertainment Group AS (OEG) is acquiring a 30% holding in the Italian subsidiary The Box S.r.l., increasing its holding to 100%. The value of the acquired part is 60,000 euros. The share capital of The Box S.r.l. amounts to 200,000 euros.
A 30% holding in the subsidiary The Box S.r.l. is being acquired from GHolding S.r.l., a business partner and joint owner of OEG. Parties have agreed not to disclose the transaction price. The transaction will have no material impact on OEG’s profit, assets or liabilities.
Following the deal, OEG will own 100% of The Box S.r.l., which in turn owns 100% two subsidiaries engaged in casino operations on the Italian market: Slottery S.r.l. and Jackpot Game S.r.l. In total, The Box S.r.l. operates 14 casinos with more than 450 gaming machines on the Italian market through its subsidiaries.
Although for the purposes of the Rules and Regulations of NASDAQ OMX Tallinn Stock Exchange, the transaction is considered to be transactions with related party (GHolding S.r.l. had a qualifying holding in OEG’s subsidiary The Box S.r.l.), they do not constitute material transactions 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 GHolding using its shares, and GHolding S.r.l. owns no shares in OEG.