OEG to demerge Lithuanian subsidiary

Olympic Entertainment Group (OEG) has announced plans to demerge its UAB Orakulas Lithuanian subsidiary into two entities.

The company said it expects the demerger to take place during the first half of the year, adding that the aim of the move is to “adjust the group structure”.

The UAB Orakulas technology platform of online operations and trading and risk management for sports betting services will be separated from the operational activities of the subsidiary.

OEG, which will own 100% of the shares in both entities, said the move will have no “direct influence on the economic activities of OEG Group”.

The firm added that the members of the management and supervisory boards of OEG have no personal interest in the transaction.

Related article: OEG Polish subsidiary files for bankruptcy