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Newsletter May 2013

SUCCESS STORY

Major OPAP Privatisation

Greece raised almost 1 billion dollars (652 million Euro) in its sale of gaming giant OPAP.

The Hellenic Republic Asset Development Fund (HRADF) on May 1 accepted a new offer by Greek-Czech fund Emma Delta Ltd to buy a 33% equity stake in state-owned gaming giant, OPAP.

In a statement, the Greek Finance Minister Yannis Stournaras welcomed the deal saying, “the first large privatisation was successfully completed today, with multiple benefits for the Greek state.” The Greek Finance Minister said the deal “offered evidence of investment capital’s confidence in the Greek economy.” Mr. Stournaras added that, “beyond the selling price, the state will also receive proceeds from a 30 percent tax on annual gross earnings.”

Minister Stournaras said that the government’s privatisation programme will move forward with determination to accelerate the country’s exit from the crisis at the fastest possible pace and with the most beneficial terms for the national economy.

The Hellenic Republic Asset Development Fund, in an announcement, said that Emma Delta has raised its initial offer of 622 million Euro to 652 million Euro.