Intralot may seek listing on foreign stock market
The annual General Meeting of INTRALOT Shareholders took place on May 18, 2017 at the company’s Innovation Centre in Athens, presenting 2016 financial results and progress towards the strategic goals and evolution of the product and services portfolio offering.
INTRALOT Chairman of the BoD, Mr. Sokratis Kokkalis, underlined the company’s global expansion in 32 countries and the important opportunities in the US market, where INTRALOT has presence in 12 states with 600 employees. He also referred to the profitable Turkish market activity, where INTRALOT operates sports betting, in cooperation with Turkcell, and monitors the developments regarding the upcoming tender for the privatization of the National Lottery Milli Piyango and Horse Racing Club, which were recently reorganized under a new State holding company.
The Chairman of the BoD also talked about the historical cooperation of INTRALOT with OPAP since 1990 and the great value created for OPAP and the State from this cooperation, especially since the establishment of the central system by INTRALOT and the launch of sports betting in 2000. He contrasted that while INTRALOT is one of the biggest technology suppliers and operators in the most developed and advanced markets globally during the last 15 years, it is often treated with skepticism in Greece, concluding that the shrinking of INTRALOT’s domestic operations, combined with and adverse environment in Greece, might lead the company management to carefully examine the prospects for access to the international markets and foreign stock exchanges for the benefit of its shareholders.
During the meeting the company’s important improvement of the financial structure and its commitment to continue to shape the future of the gaming industry were elaborated. As part of its strategy, INTRALOT effectively addresses the market needs in the digital era, enhancing its leadership position as a reliable partner in the gaming industry across all areas of activity.
Along with the EBITDA and cash flow increase during 2016 INTRALOT successfully refinanced its €325m Senior Notes, due 2018, with a €250m bond, due 2021, with significantly improved terms. In parallel, INTRALOT negotiated its €200m revolving credit facility extended to 2019, increasing its commitment lines by €40 million.
INTRALOT will continue to create value for all stakeholders staying ahead of the curve with a groundbreaking product portfolio that supports lotteries’ digital transformation and significant operational efficiencies always adhering to the principles of responsible gaming and sustainable development.