Chinese-based 500.com Ltd has completed acquisition of a 40.65-percent stake in MelcoLot Ltd, which supplies technology to the mainland China lottery market.
According to a filing to the Hong Kong Stock Exchange, the acquisition was made for about $41.3 million.
Casino investor Melco International Development Ltd, a company controlled by gaming entrepreneur Lawrence Ho Yau Lung, made the sale of all of its interest in MelcoLot. The company said the sale was “a good opportunity” to divest its non-core investments.
500.com now owns 1,278,714,329 shares in MelcoLot. The company has also made an offer of HKD0.252 per share for all outstanding shares of the company, according to Chinese media reports.
MelcoLot also announced that it had appointed Huang Lilan as the firm’s new chief financial officer. Prior to joining MelcoLot, Ms. Huang served as a financial director of a subsidiary of 500.com since 2011, the company said in a press release.
