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Wednesday, 24.04.2024, 03:03
UP Invest apply for go-ahead to control Apollo Cinemas
BC, Tallinn, 27.12.2017.
Print version
Print versionUP Invest, subsidiary of MM Grupp owned by Estonian businessman Margus Linnamae that operates the Baltic news agency and media monitoring group BNS and 15min.lt news portal, has applied for a sanction to control Apollo Cinemas, the Estonian company that runs a chain of cafes, book stores and movie theaters, informs LETA/BNS.
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Lithuania's Competition Council said it had received UP Invest application on Dec. 20 to purchase a 55-percent stake in Apollo Cinemas, which would make it a
co-owner of the company together with another Estonian enterprise, Mirrow
Institute. In Lithuania, Apollo Cinemas
operates a film distribution company, Theatrical Film Distribution.
The deal is said to provide direct or indirect control of 11 companies.
In 2016, Apollo Cinemas posted a
profit of 461, 000 euros on a turnover of 5.6 million euros.
UP Invest is an investment
company operating assets in media, retail, IT and technologies sectors.
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