Novomatic Sells Casino Austria Stocks to SAZKA
In this bizarre move Novomatic sold their 17.19% Casino Austria stocks to the SAZKA Group, the agreement was made last Tuesday which includes specific conditions and strict rules to be followed to comply with the other CASAG (Casino Austria) stockholders.
Novomatic executives made this decision based on that the previous ownership structure did not let to proper development of Casinos Austria and perhaps a limited grow.
However Novomatic executives don’t want to sell 11% of the shares that they have in the Osterreichische. Lotterien, which is a Casino Austria Lottery subsidiary.
So Novomatic sold their Casino Austria shares because they were basically not getting any profits from it or simply not enough and they decided to keep the 11% of the Casino Austria Lottery because it’s still showing some potential but at the end, it's very probable that they are going to sell those 11% shares too.