Beijing Telenet Information Technology Ltd, a subsidiary of Hong Kong-listed lottery supplier MelcoLot Ltd, has agreed to buy lottery terminals and related products from Wu Sheng Computer Technology (Shanghai) Co Ltd. The firm will pay an aggregate HKD580 million (US$74.8 million) for the four years ending December 31 2017, MelcoLot said in a filing this week.
“The directors are of view that the purchase agreement would benefit the group by securing a quality supply of the products from a reputable supplier like Wu Sheng,” the firm said in the statement.
Wu Sheng is principally engaged in the manufacturing of lottery terminals for mainland China’s sports lottery and welfare lottery through contracting with local authorised retailers. The company has been supplying lottery terminals and hardware to Beijing Telenet Information since 2007.
Melco International Development Ltd, headed by Lawrence Ho Yau Lung, controls MelcoLot. Greek lottery supplier Intralot SA is also a substantial shareholder in MelcoLot.
MelcoLot’s loss for the first six months of 2014 jumped to HKD20.8 million, up from HKD6.7 million a year earlier. It said the increase in loss included a 28-percent drop in revenue for the period, especially for sales of lottery terminals and hardware.
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