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Business Cyprus

Consultants tasked with preparing state lottery privatisation appointed

The Ministry of Finance’s Privatisation Unit said that it appointed a team of consultants tasked with assisting and preparing the privatisation process of the state lottery, which provides for the participation of strategic investors and operators.

The advisor team, which consists of the consultant services department of Cyprus’s KPMG Ltd, Sweden’s QLot Consulting AB, Ireland’s J&E Davy Holdings Limited, Belgium’s Vlaemminck & Partners BV BVBA and the Nicosia-based Angelides, Ioannides, Leonidou LLC – LLPO Law Firm, will initially be tasked with the carrying out analyses, the privatisation unit said in an emailed statement on Wednesday. “The later stage, of preparing and implementing the procedure of finding suitable strategic investors/operators to participate in the State Lottery, will be carried out provided appropriate pertinent approvals are obtained”.

The privatisation procedure of the state lottery will be carried out on the bases of the “principles of transparency, equal treatment and non-discrimination “in the interest of the Republic of Cyprus and the public,” the unit said. The appointment of the consultant team on May 30, was the outcome of an earlier tender procedure.

The task in the project, which will also be the team leader, will be the preparation of financial models, evaluation and overseeing the due diligence process and transactions, the unit said. QLot Consulting has expertise in the area of gambling and consults the World Lottery Association has provided consultancy to more than 55 governments and state-licenced entities worldwide. J&E Davy Holdings, considered as one of the main financial service providers in Ireland, offers “a wide range of financial services to governments, government owned companies, public and private companies and investors”.

Vlaemminck & Partners BV BVBA, a specialist in the area of gambling, is actively involved in the drafting of related European and national legislation, offers related consultancy services over the past 30 years and appeared in cases involving gambling games at the Court of Justice of the European Union, the privatisation unit said. The Angelides, Ioannides, Leonidou law office will provide legal support in areas it specialises, which includes inter alia commercial law, regulation on lottery, gambling and betting, intellectual property and company law.

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