Commencement of procedures for the merger of OPAP S.A. with affiliated entities

Commencement of procedures for the merger of OPAP S.A. with affiliated entities

 

OPAP S.A. (hereinafter referred to as “Company”) announces that the Company's BoD, within the framework of the general reorganization of OPAP Group, decided on the 11th of November 2019 upon the commencement of procedures for the merger of the Company with its affiliated companies a) “OPAP SERVICES SOCIETE ANONYME”, with the distinctive title “OPAP SERVICES S.A.” (hereinafter referred to as  “OPAP SERVICES”)  and b) “HORSE RACES SOCIETE ANONYME”, with the distinctive title “HORSERACES S.A.” (hereinafter referred to as  “HORSERACES”)  with absorption of both such affiliated companies by the Company. The said mergers are deemed appropriate as they will result to economies of scale via the common management of the above mentioned affiliated companies with the Company, while benefit from the intended simplification of the OPAP Group's structure.

It is further noted that the procedure of the above mentioned mergers shall be conducted in accordance with the provisions of articles 7 to 21 and 30 to 38 of L. 4601/2019, in conjunction with article 54 of L. 4172/2013. The 30th of September 2019 has been set as the transformation date. The conclusion of the whole procedure is conditional upon the Board's necessary decisions, as well as upon the relevant approvals by the competent Authorities.

  

Athens, 15.11.2019

OPAP S.A.


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