Alibaba buys con­trol­ling stake in lot­tery

China Daily (Canada) - - NEWS CAPSULE -

Alibaba Group Hold­ing Ltd and its fi­nan­cial af­fil­i­ate are buy­ing a con­trol­ling stake in HongKong-listed lot­tery op­er­a­tor AGTech Hold­ings Ltd, for HK$2.39 bil­lion ($ 308 mil­lion).

The deal will give the Alibaba unit 59.45 per­cent of AGTech, ac­cord­ing to the lot­tery op­er­a­tor’s fil­ing to the Hong Kong stock ex­change a timely pur­chase as the sus­pen­sion of on­line lot­tery sales looks likely to be lifted some­time this year. The govern­ment banned unau­tho­rized on­line lot­tery sales in April 2015.

AGTech is en­gaged in gam­ing tech­nolo­gies in­clud­ing game soft­ware and hard­ware, and lot­tery dis­tri­bu­tion.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.