Thursday August 18,2011 : Transparent selection process to the highest bidder as soon as possible
Josef Cupka, the administrator of the Czech national lottery and betting firm Saska AS, has told Czech news source that the embattled company will be put up for sale on a tender basis.
Sazka's creditors committee has agreed on the sale by tender to facilitate a transparent selection process that will reach completion quickly.
Bidders for the company will have to fork out a 500 million-koruna ($29.3 million) deposit while the main selection criteria rests solely on the highest price offered.
Cupka revealed that Penta and Fortuna have already submitted their bids and that the company was expected to be sold within the next six weeks, "the sooner the better, he said".