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Opap Shareholders Approve Intralot Contract
Monday April 8, 2013 : OPAP SHAREHOLDERS APPROVE INTRALOT CONTRACT
May complicate sale of Greek State's 33 percent stake
Greek gambling monopoly OPAP received shareholder approval of its controversial IT services contract with Intralot at an extraordinary general meeting held over the weekend.
Two potential suitors of the 33 percent stake sale in OPAP, Emma Delta and a consortium led by Gauselmann and Playtech, threatened possible legal action last month should the contract go ahead saying the successful bidder of the stake would be tied-in to the contract for five years and that OPAP would pay more for the contract than originally stated.
The duo called on the Hellenic Republic Asset Development Fund (HRADF) facilitating the sale and OPAP to refrain from formalising the contract.
The HRADF distanced itself from the issue saying in a statement read to shareholders ""HRADF is not, in any case, in a position to evaluate the terms of the deal. The approval of these terms is an issue for OPAP's management, which has the specific knowledge of the respective technical and economic parameters."
OPAP did not reveal how many shareholders voted in favour of the Intralot deal and the HRADF kept its neutral stance with a blank ballot cast on the Intralot contract issue.
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