Tanjong, Malaysian investment company, bought a stake in a Russian online lottery gaming business
Malaysian company enters Russian lottery business
Malaysian investment holding Tanjong plc, involved in such businesses as power generation, gaming, property investment, bought a stake in a Russian online lottery gaming business. The deal can allow the company to expand its activity worldwide.
Tanjong has teamed up with the leading Greek lottery operator Intralot SA to operate the Moscow Olympic Lottery, reported Theedgedaily.com. The agreement comes into force by the middle of 2005.
The two companies via their equally owned associate Uniclic Ltd will take up a 49% stake in Yuvenga for $200,000 to operate the lottery games in support of the Russian Olympic Committee. Uniclic's total investment in Yuvenga will amount to $16 million.
"Through its involvement in the Moscow Olympic Lottery, Tanjong would also be able to better position itself for other potential international gaming business opportunities," the company’s representative said.
Yuvenga has a lottery licence issued by the City of Moscow, valid from Oct 28, 2003 to May 15, 2013, with exclusivity over the first five years. Intralot, listed on the Athens stock exchange, is the third biggest lottery systems supplier and operator in the world.
