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Greece places gaming company on the block to raise cash for EU

The Greek government has begun the process of selling of its monopolistic stake in gaming entity OPAP in its revised initiatives to privatize the company so that it can deflect the ongoing scrutiny it receives from the international lenders.

They currently have a 34 percent stake in OPAP, which is one of the largest European listed gambling companies.  It will begin to sell 29 percent of shares to private companies on its commitment to reform and paying it debt to the European Community.

Prime Minister Antonis Samaras’ government in the past has hinted it was eying an autumn sale of OPAP as a “quick win” on the privatization front.  This will look good for inspectors from the European Commission who are currently in Athens now to determine if they should get additional aid in accordance with the countries agreed bail out package.

One of the main tasks for the new OPAP Chairman, Konstantinos Louropoulos is to get the privatization in order again with the government’s Hellenic Republic Assets Development Fund (HRADF) agency.

Looks like the board will meet on September 19th and begin the international tender process to sell its 29 percent stake in the company.


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