Greek lottery firm buys into Melco unit - Monday 29th of September 2008

Sports lottery manager Melco LottVentures (8198) said an Athens-listed gaming technology and services provider Intralot is set to become its second- largest stakeholder by acquiring a 20.6 percent stake for HK$305 million.

Melco International Development (0200) will remain the largest shareholder of Melco LottVentures upon completion of the deal, which will be executed through an issuance of new shares and convertible bonds. Melco LottVentures will issue HK$28 million worth of shares while the rest will be financed through convertible bonds.

Melco LottVentures will gain access to the European lottery giants world- class technology and will be able to use, promote and sub-license the Chinese- language version of its application software, which operates and support more than 400 lottery games.

Melco International Development chairman and chief executive Lawrence Ho Yau-lung said the company will now become a strong bidder for any future lottery-related projects in China and other Asian countries.

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