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Greece launches OPAP tender

European nation has begun the process of offloading its 33 percent stake in gambling monopoly in hopes of putting a dent in its €19 billion debt.

Friday 28th September 2012

In Greece, the government’s Hellenic Republic Assets Development Fund (HRADF) agency has officially launched an international tender for the sale of its 33 percent stake in gaming monopoly OPAP. The agency revealed that the tender is set to run until October 19 and will give the winner the exclusive rights to operate 13 games of chance until 2030 in addition to a ten-year license for the running of 35,000 video lottery terminals. “The Hellenic Republic Asset Development Fund announces the launch of an international public tender process for the sale of its 33 percent shareholding in the Hellenic Football Prognostics Organisation (OPAP),” read a statement from HRADF. Greece is under pressure from international creditors including the European Union, the International Monetary Fund and the European Central Bank to offload €19 billion in state assets by 2015 in return for bailout loans and last month it named economist Konstantinos Louropoulos as Chairman for OPAP following the resignation of Ioannis Spanoudakis. Yiannis Emiris, Chief Executive Officer for OPAP, declared that HRADF ‘is accelerating the pace of implementation of a comprehensive plan to restart the Greek economy’. “The programme aims to attract new capital investment, create new jobs and open up Greek markets to competition,” said Emiris. “The complete privatisation of OPAP will be carried out transparently, rapidly and with efficiency.” According to numerous reports, OPAP is Greece's most profitable state company after reporting a net profit for the first six months of 2012 of €126.1 million. The government had earlier planned to sell only 29 percent of the company but has raised some €2.2 billion over the previous eleven months via the privatisation of four other concerns.

Source: OnlineCasinoNews

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