Olympic Entertainment Group (OEG) announced it has acquired additional 30% holding in the Italian subsidiary of the company: The Box S.r.l.
A publication made available by the company stated that with the latest addition, OEG has successfully increase it holding in the company to 100% having initially in control of 70% holding.
The value of the subsidiary company that was founded thirteen years ago was put at €60,000 and the share capital was said to amount to €200,000.
The Box S.r.l controls the group operation in Italy and it is owned jointly by OEG and G holding S.r.l, a business partner which sold the 30% holding. It was stated that the parties involve in the transaction were not willing to disclose the price of the deals and the transaction will not have any material impact on OEG profit, asset or liability.
The publication which was made available on 22 October 2015 further said and we quote ”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.