ECONOMY

OPAP to draw millions from share increase

opap-to-draw-millions-from-share-increase

Listed gaming giant OPAP is planning to propose a share capital increase to its shareholders, in order to draw up to 800 million euros, instead of distributing a dividend to its old shareholders, in the period from 2019 to 2023.

According to a draft proposal for the annual general meeting of shareholders scheduled on May 21, the company will recommend the issue up to 160 million new shares. The amount of the capital drawn will depend on the participation of shareholders in the share capital increase and the course of the stock price over the next five years.

The new shares will be given exclusively to the company’s existing shareholders, who will be able to decide whether they will take their profits (dividends) in cash or reinvest up to 90 percent of them in the company. The shares that will be issued without being bought by OPAP shareholders will not be sold to these parties.

The program will run for five years and be implemented each time the company is about to distribute any form of dividend, benefitting from recent legislation that allows for greater flexibility in share capital increases.