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Greek privatisation bidder urged to improve offer | Greek privatisation bidder urged to improve offer |
(about 1 hour later) | |
Greek-Czech investment fund Emma Delta has been given until 1 May to submit an improved bid for Greek gambling monopoly OPAP. | Greek-Czech investment fund Emma Delta has been given until 1 May to submit an improved bid for Greek gambling monopoly OPAP. |
Its initial 622m euros ($812m; £526m) bid for a 33% stake was rejected for being too low. | Its initial 622m euros ($812m; £526m) bid for a 33% stake was rejected for being too low. |
The fund has been urged to bid at least 650m euros, though the stock market values OPAP at just 726m euros. | The fund has been urged to bid at least 650m euros, though the stock market values OPAP at just 726m euros. |
Greece is obliged to raise 9.5bn euros from asset sales by 2016 under an international bailout plan. | Greece is obliged to raise 9.5bn euros from asset sales by 2016 under an international bailout plan. |
In return, the European Union and the International Monetary Fund have committed to 240bn euros since 2010 in rescue loans for recession-hit Greece. | In return, the European Union and the International Monetary Fund have committed to 240bn euros since 2010 in rescue loans for recession-hit Greece. |
'Uncertain revenue stream' | 'Uncertain revenue stream' |
OPAP has a 10-year licence to operate 35,000 video lottery terminals, as well as the exclusive rights to operate 13 games of chance until 2030. | |
Emma Delta said that there was nevertheless much "uncertainty over future revenue streams" and that it had identified "internal structural problems" at OPAP. | Emma Delta said that there was nevertheless much "uncertainty over future revenue streams" and that it had identified "internal structural problems" at OPAP. |
Last year, OPAP made 505m euros net profits, a 6% fall when compared with 2011. | Last year, OPAP made 505m euros net profits, a 6% fall when compared with 2011. |
A rival bid for OPAP, placed on Monday by US investment fund Third Point, was not accepted as it violated the tender rules by including conditions. | A rival bid for OPAP, placed on Monday by US investment fund Third Point, was not accepted as it violated the tender rules by including conditions. |
Six others that had expressed an interest in OPAP did not place bids. | Six others that had expressed an interest in OPAP did not place bids. |
Observers say failure to secure a sale at a favourable price could make it more difficult to sell other, less profitable assets in the future. | Observers say failure to secure a sale at a favourable price could make it more difficult to sell other, less profitable assets in the future. |
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