Greece on Sept. 27 launched the sell-off of one-third of its stake in OPAP, the sports betting and gambling business it operates. The country’s privatization board is handling it, authorities said.
The sell of shares is part of a broader privatization program demanded by the country’s international lenders, the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) in return for $325 billion in two bailouts, although workers in companies set to be transferred to private companies are resisting fiercely.
Bids can be placed by Oct. 19, the privatization board stated. The complete privatization of OPAP will be managed in a transparent, quick and efficient way, said Yiannis Emiris, the Director of OPAP. The Troika wants Greece to sell or lease state entities and properties to raise some 19 billion euros, or $24.48 billion by 2015 in return for continued welfare aid.
Unlike many Greek entities, OPAP is a lucrative venture which in the first quarter of this year showed net revenues of 126.1 million euros, or $162.5 million. and was seen by likely investors as one of the bargains the country was offering.
(Source: ANSA)
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