The London company will merge with its Israeli parent.
Queenco Leisure International Ltd. (QLI) (AIM:QLI) will delist from London's AIM two years after its public offering in the UK. QLI will be merged with its parent company Queenco (TASE:QNCO) its board of directors decided in Israel today.
QLI's shares in London, which were worth €14 each in 2007, have lost 79% of their value, making it one of the worst ever Israeli IPOs in London.
Queenco operates casinos and resorts in Greece, Romania and Serbia through its subsidiary QLI. The board decided that as both companies have no separate activities then a merger made the most sense. In 2008 Queenco lost NIS 47 million.
Queenco's share rose 1.4% on the TASE today to NIS 6.09 giving a market cap of NIS 478 million.
Published by Globes [online], Israel business news - www.globes-online.com - on September 29, 2009
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