LONDON (Thomson Financial) - Queenco Leisure International Ltd, the Greek casino operator, has increased its stake in Club Hotel Casino Loutraki to 40.3 pct from 35.7 pct through the purchase of minority shareholder Yair Karni's stake in the business.
Queenco has agreed to pay 12.5 mln eur for the holding, of which 3.5 mln eur has already been paid, with the remaining 9 mln eur to be paid in four equal annual instalments, commencing in Sept 2008.
Under the agreement, Queenco intends to offer affiliated shareholders in Club Hotel Casino Loutraki the opportunity to participate in up to 50 pct of the purchase.
'The buying in of minority shareholdings is a key part of our strategy as it will enable us to take a greater share of the growth of CHL going forward,' said Queenco's chief executive Dror Mizeretz.
Club Hotel Casino Loutraki, located approximately 80 kilometers from Athens, is believed by the company to be Greece's leading casino by drop and win with almost one million visits each year.
In July, Queenco raised 76 mln stg through an initial public offering on the London Stock Exchange.
It currently operates and manages two of Greece's nine licensed casinos: Club Hotel Casino Loutraki and Casino Rodos, as well as Casino Palace in Romania and Casino Beograd in Belgrade.
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