An agreement to acquire a 20 percent holding in the Polish subsidiary Casino Polonia-Wrocław sp. z o.o. was signed by Olympic Entertainment Group (OEG) company Baina Investments sp. z o.o. The deal increases OEG group’s holding to 100 percent. The nominal value of the shares acquired is 985,628.40 Polish Zloty (PLN) (EUR 1 = PLN 4.3458). Casino Polonia-Wrocław sp. z o.o.’s share capital amounts to PLN 4,928,142.00.
The announcement was posted by Madis Jääger CEO of OEG AS on January 14.
Both parties, Baina Investments sp. z o.o. and Marek Sobiesiak (Casino Polonia-Wrocław sp. z o.o.) have agreed not to disclose the price of the transaction. OEG’s assets, liabilities and profits will not be materially impacted by the transaction. The deal makes OEG 100 percent owners of Casino Polonia-Wrocław sp. z o.o., which is engaged in Polish market casino operations.
The acquisition is considered a transaction with a related party, not a material transaction with a related party, per the NASDAQ OMX Tallinn Stock Exchange Rules and Regulations (A qualifying holding in OEG’s subsidiary Casino Polonia-Wrocław sp. z o.o. was possessed by Marek Sobiesiak). Neither the supervisory board members nor management board of OEG are personally interested in the transaction beyond that. Under the transaction, no shares in OEG are owned by Marek Sobiesiak and the latter was not paid using OEG shares, according to OEG.
An Estonia-based company, OEG, which is under the brand of Olympic Casino, provides gaming services to the Baltic States (Estonia, Latvia and Lithuania), and has casino operations in Italy, Poland, Slovakia, and Belarus.