March 22, 2017 / 7:12 AM / 4 months ago

BRIEF-Net Holding decides to gather hotel and casino activities under Merit

2 Min Read

March 22 (Reuters) - Net Holding AS:

* Said un Tuesday in order to simplify the structure of Group, broaden the investor base, increase the liquidity and profit distribution potential, strengthen the corporate governance practices and to save the costs, decided to merge with its unit Net Turizm and will apply to Capital Markets Board

* Additionally after the completion of aforementioned merger the company will decide to merge with Some of group companies that have invested in Net Group's assets and have no commercial activity

* Hotel and casino management activities will be carried out under the brand name "Merit"

* In line with these objectives, unit Merit Turizm Yatırım ve İşletme to increase its share capital, provided that Capital Markets Board's permission

* After the capital increase Merit Turizm will make leasing agreement with casino landowners in Northern Cyprus and will buy casino company's shares in Montenegro and Croatia from Net Holding

* After completion of all processes application will be made for listing of Merit Turizm on "Bist Main" and then Bist Star" market lists

Source text for Eikon:

Further company coverage: (Gdynia Newsroom)

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