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The US treasury market reaches breaking point

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Skip Navigation LinksHome :: Markets/asset classes :: Banking :: Alarko Holding still seeking partner for national lottery concession.

Wednesday, September 3, 2008

Alarko Holding still seeking partner for national lottery concession.





Alarko Holding still seeking partner for national lottery concession. Local Alarko Holding issued a statement to the Istanbul Stock Exchange and announced that it was still seeking a foreign partner to jointly bid in the concession tender for national lottery company Milli Piyango. The company informed the Istanbul Bourse after some media sources reported that Alarko Holding would bid together with Greek OPAP and Turkish Dogus Group. Alarko explained that it was still carrying out negotiations with the Milli Piyango administration and would make necessary announcements when a deal with a foreign company is materialised. Earlier this week, Christos Hadjiemmanuil, CEO of Greek betting company OPAP, commented in an interview for the Greek daily Lathimerini that OPAP planed to team up with Turkish companies Dogus Group, Fiba Holding, and Alarko Group to jointly submit a bid for Milli Piyango. OPAP picked up perfect partners both from a business and financial adequacy perspective, Hadjiemmanuil said. OPAP would control 50% of the joint venture while the three Turkish companies would hold the rest of the stake, according to company executive. Milli Piyango administration is currently working on final regulatory issues such as how the company’s lottery licence will be transferred to the new operator, what rights the new operator will hold. Local media suggests that the new licence holder will receive 17% of games revenues. 80% of lottery sales are distributed as prize and taxes, while Milli Piyango administration receives 3%. Italy ’s Lottomatica , Sweden ’s Essnet-Tattersall, US-based Scientific Games, Austria ’s Austrian Lotteries, American Camelot, Italy ’s Sisal, and Greece ’s Intralot are said to be potential foreign bidders. Local investors expected to participate in the tender are Dogan Group, Cukurova Holding and brokerage house Is Yatirim.







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