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Friday, 26.04.2024, 06:15
Up Invest gets nod from Lithuanian regulator to control Apollo Cinemas
BC, Vilnius/Tallinn, 22.01.2018.
Print version
Print versionEstonia's Up Invest, a MM Grupp subsidiary that controls the news agency and media monitoring group Baltic News Service (BNS) and the Lithuanian news portal 15min.lt, has received approval from the Lithuanian competition watchdog for controlling Apollo Cinemas, an Estonian company that owns a chain of restaurants, cafes, book stores and movie theaters, reports LETA/BNS.
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The Lithuanian Competition Council on January 18th gave the go-ahead for Up Invest to buy a 55 percent stake in Apollo Cinemas and to acquire control of
the company jointly with Estonia's Mirrow Institute. It is said that direct and
indirect control of 11 companies will be acquired as a result of the deal.
In Lithuania, Apollo Cinemas owns
the film distributor Theatrical Film Distribution.
Apollo Cinemas posted a net profit of 461,000 on revenue of 5.6 million euros for 2016.
Up Invest, a subsidiary of MM Grupp, which is owned by Estonian
businessman Margus Linnamae, is an
investment company with holdings in the media, retail, IT and technology
sectors.
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