Olympic Entertainment to Pay Out EU15.1 Million to Shareholders

Olympic Entertainment Group AS (OEG1T), eastern Europe’s only publicly traded casino operator, proposed a payout of 15.1 million euros ($20 million) from a share capital reduction.

Olympic will reduce share capital by 21 million euros to 60.5 million euros, the company said in a regulatory statement late yesterday. Six million euros will be transferred to retained earnings to cover accumulated losses. The list of investors participating in the capital reduction will be fixed on May 4.

The company said yesterday it won’t pay a dividend for 2011 as it has no retained earnings.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.