BUSINESS

Fortuna passes on Croatian business

TAGs: Equinox Investments B.V., Fortuna Entertainment Group, Fortuna HR

fortuna entertainment groupThe Management Board of Fortuna Entertainment Group has decided to pass on their Croatian business by electing not to exercise a call option for all shares in Fortuna HR held by Equinox Investments B.V.

Fortuna HR was incorporated in June 2001 in Zagreb and currently offers retail and on-line betting through its branch network in Croatia. During 2009 and 2010, Fortuna HR was incorporated into FEG, however later on, FEG decided on the subsequent exclusion of Fortuna HR from the Group and all shares in Fortuna HR held by FEG were sold to Equinox Investments B.V.

Early last week, the Management Board of Fortuna Entertainment Group NV received a notice from Equinox Investments B.V. inviting FEG to exercise the call option for all shares in Fortuna HR pursuant to an offer from a third party. The Management Board of Fortuna Entertainment Group NV decided not to exercise the call option and communicated its decision to Equinox Investments B.V.

Fortuna Management Board gave the following explanation for their decision:
“…At the moment, our key priority is to focus on a further development and growth of our core markets in the Czech Republic, Slovakia and Poland. Last month we launched the numerical lottery project in the Czech Republic and we are working on introduction of on-line betting in Poland. Meeting our targets and achieving our goals set in those projects is a main objective both for us and for our shareholders.”

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