Wednesday August 13,2014 : SPANISH SALE FOR MYBET
Restructuring results in sell-off of Spanish lottery shareholding.
German online betting group Mybet's restructuring has resulted in a sell-off of the company's shareholdings in two Spanish lottery firms in order to ensure greater stability within the group.
Spanish companies Digital Distribution Management (DDM) and Digital Distribution Management Iberica (DDMI) are the firms affected by the sell-off.
Sven Ivo Brinck, the sole member of the firm’s management board, announced earlier this year that Mybet would have to be restructured , and this week he explained that the decision to sell was based on pragmatic reasons that took into account the likely lack of future profitability of the two Spanish companies.
Brinck said that the sell-off not only freed Mybet of uncertainties surrounding legal and economic issues, but also provided resources that could be deployed to advantage in other parts of the Mybet group.
The sell-off of Mybet shares in the two companies delivered a total of Euro 275,000 for use elsewhere in the group, Brinck revealed.