Lottotech’s Offer for Sale hugely successful and over-subscribed
As a result of the over-subscription, the Board of Directors will proceed to decide on the allotment of shares, following consultation with the regulatory authorities. (Image: Lottotech)
Mauritius gaming major Lottotech’s Offer for Sale of up to 85,000,000 ordinary shares to the public, representing 25% of the company’s shareholding of 340,000,000 shares, at an offer price of Rs 10 was a huge success.
The board of Lottotech Ltd informed stakeholders of the successful subscription in a communiqué issued yesterday.
The board went on to inform the shareholders and the public in general that the Offer for Sale, which was launched on May 5, 2014, closed at 4pm on May 16, 2014 in line with the timetable set out in the Listing Particulars.
It may be noted that the price of the shares has been set following an estimation of the company’s value by global consulting major KPMG and is as low as possible to give access to the largest number of shareholders.
The Offer for Sale has been hugely successful and oversubscribed. As a result of the over-subscription, the Board of Directors will proceed to decide on the allotment of shares, following consultation with the regulatory authorities.
The company, which runs the National Lottery, is very popular in Mauritius and investors are well aware of its potential.
Besides, there is a lack of supply with limited products on the Stock Exchange while demand is high as people want to invest due to an excess of liquid assets in the economy.
Hence, Lottotech shares offer an attractive proposition to the island’s investors.
Moreover, there is a lot of demand in Lottotech shares even from foreign investors since it is listed on the Stock Exchange of Mauritius (SEM).
In line with the timetable, the company is processing the share applications received and, according to the first indications, it has attracted approximately 12,000 investors among whom more than 8,000 are first-time holders of share accounts.
Lottotech ended its communiqué by thanking its subscribers and the public in general for their trust in the company and noting that the company will issue further communiqués on the allotment of shares.
It is to be noted that Lottotech Ltd was incorporated by the Gamma group in April 2008 and was launched in October 2009 with the aim of benefitting society by funding good causes through the sale of the National Lottery products.