ATHENS--Greece has asked an international consortium led by OPAP
SA (OPAP.AT) to submit a higher bid for the country's state
lottery, the agency overseeing the privatization program said
Monday.
The consortium, led by Greece's state owned gaming monopoly
OPAP, became the final and sole bidder to manage state lotteries in
late November.
The consortium's bid was submitted Monday, but the Hellenic
Republic Asset Development Fund has decided to request a higher
amount.
"The new financial offer will be evaluated by HRADF's Board of
Directors at its next meeting Dec. 12," the fund said in a
statement.
The international tender covers the privatization of the
exclusive right to produce, operate, circulate, promote and manage
the Hellenic Republic's state lotteries for 12 years.
The tender is one of the first concrete steps undertaken by
Greece in almost two years to push forward its long-delayed
privatization program.
Greece has only raised about 1.6 billion euros ($2.07 billion)
since its first bailout loan in May 2010 and has acknowledged that
it will miss this year's goal of EUR3 billion from
privatizations.
The country's early goal of raising a mammoth EUR50 billion by
2019 has been repeatedly scaled back and, according to the draft
dated Nov. 10, Greece will now aim for EUR11.1 billion in
privatization proceeds by the end of 2016 and EUR50 billion at some
indeterminate time in the future.
Write to Nektaria Stamouli at nektaria.stamouli@dowjones.com
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