Olympic Entertainment Group sold a subsidiary, operator of a restaurant in Riga
Posted on 21.11.2006
The buyer of the subsidiary comes from outside Olympic Entertainment Group and is not related to the group.
The preliminary sale and purchase contract was signed in September. The transaction was completed in November and its amount was EEK 10.2 million (0.65 million euros). The transaction amount consisted of the price of shares and the sum of loans that Baltic Gaming had issued to Tower.
The objective of the transaction was to focus on the company’s core business - casino operations. Sale of the subsidiary will have no impact on the operations of Olympic Entertainment Group.
Tower SIA was a wholly-owned subsidiary of Baltic Gaming AS which itself is a wholly-owned subsidiary of Olympic Entertainment Group and that was acquired at the end of 2005 when Olympic Entertainment Group acquired Baltic Gaming AS, Latvia’s second-largest casino operator.
For additional information please contact:
Chief Operating Officer / Member of Management Board
Olympic Entertainment Group AS
Phone + 372 667 1250