Stock exchange announcement 02.05.2011
Posted on 02.05.2011
OEG: Changes in Olympic Entertainment Group structure
Changes in Olympic Entertainment Group structure
Olympic Entertainment Group AS signed share purchase agreement on 30 April 2011 with an Israeli entrepreneur for selling all the shares in Romanian subsidiaries Olympic Casino Bucharest S.R.L, Muntenia Food and Beverage S.R.L. and Olympic Exchange S.R.L. The total consideration to be received is 0.5 million euros and the loss from the sale of Romanian subsidiaries will be recognised in the first quarter of the current financial year in the amount of 2.5 million euros.
Olympic Entertainment Group entered the Romanian market in the second quarter of 2007. The Supervisory Board decided to exit the Romanian market as no profits have been made so far and as in near future there were no alternatives to reach the level of profitability compared to the other business segments.
The transaction is not to be treated as a transaction with related persons and the members of Olympic Entertainment Group Management Board and Supervisory Board bear no interested in the transaction in any other way. The transfer of the holdings affects the activities of Olympic Entertainment Group positively as during the past years Romanian business segment has incurred losses.
CFO, member of the Board
Olympic Entertainment Group
Ph. + 372 667 1250