Olympic Entertainment Group AS, 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.