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Euroamerica Becomes Biggest Shareholder in Enjoy

September 10, 2021

- Grant Whittington

Enjoy is a Chilean gaming company who have been experiencing some interesting fluctuations and changes in their shareholding structure in the last 2 years. They published their balance sheet in June last year which unveiled their new shareholder structure. The sheet shows that Euroamerica SA is currently the largest shareholder whilst the family who founded Enjoy as one of the smallest shareholders.

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Rise To The Top

La Tecera reported that Euroamerica had not shown up in the end of year financial structure in 2020 even though it is now Enjoy’s largest shareholder sitting at 23.3%.

In Enjoy’s report at the end of June this year this was the order in which the shares had been distributed: Euroamerica coming in first was followed by Banchile Corredores de Bolsa SA (8.74%), Larrain Vial SA Corredora de Bolsa (5.74%), Santander Corredores de Bolsa Limitada (5.13), and Tanner C of BSA (5.11%). The remaining 51.98% is distributed among other shareholders.

This leaves us wondering where the founding family of Enjoy sit in the shares of their own company. The Martinez family who founded the company shifted their shares of Enjoy from 26.12% in December 2020 to 3.58% at the end of June in 2021.

Enjoy Makes an Announcement

The company made 2 statements this week which provide some clarification into the shifting shareholder numbers and the company’s plans moving forward.

Firstly they stated that as of the date that financial statements were put forward, bonds have been converted into shares to the amount if 179 billion Chilean pesos. This makes up for 80% of the total potential of the company’s debt to be converted into shares.

Enjoy also announced this week that they have been able to re-join the Chilean Association of Gaming Casinos (ACCJ). They were absent from the ACCJ for the last four years. This was the consequence of the ACCJ having stepped down due to their lack of support for the bidding process established by the SCJ, the local Chilean gambling regulator.

The SCJ are assessing 12 casinos with licenses due to expire between 2023 and 2024. The operators with active permits at present have invested 1.4 billion pesos in the bidding process in hopes that they will have their licenses renewed for a further 15 year time frame. The renewal and fair bidding was promised by the SCJ 15 years ago. Some of the operators have taken legal action on the SCJ who have not kept their word and have failed to comply with their promises.

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