Berjaya Corp signs agreement with China lottery company to explore third-party market

Berjaya Corp signs agreement with China lottery company to explore third-party market
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KUALA LUMPUR (Aug 26): Berjaya Corporation Bhd (BCorp) is partnering China Sports Lottery HKJC INFOTECH (Beijing) Co Ltd (CSLJC) to explore opportunities to jointly develop a third-party lottery market under a responsible gaming framework.

The parties inked a cooperation framework agreement today, which will be for an initial five-year term commencing from Aug 26, 2020, subject to renewal.

“Stemming from the Belt & Road Initiative, this bilateral cooperation aims to further enhance the technical and business management capabilities of BCorp and its subsidiaries in lottery operations, enrich its lottery product offerings, study opportunities for expanding into the third-party lottery market, and promote the rapid and healthy development of the lottery business on the basis of mutual respect, trust, and friendly consultation with CSLJC to broaden business cooperation for common growth and development,” the group said in a statement today.

CSLJC is a sino-foreign cooperative joint venture established by China Sports Lottery Technology Development Co Ltd and HKJC Business Ventures (China) Ltd, a business unit of the Hong Kong Jockey Club.

“This framework agreement is the result of constructive engagement and negotiations between BCorp and CSLJC following their successful experience-sharing and training in 2018 and 2019 on mobile phone and internet lottery distribution channels and lottery development as encouraged by the Belt & Road Initiative in China and Hong Kong,” said BCorp executive chairman Tan Sri Vincent Tan.

He added that through this collaboration, BCorp will be able to leverage on the expertise and experience from CSLJC to further enhance its existing lottery business as well as explore fresh opportunities in the lottery and gaming industry in new regions.

BCorp closed unchanged at 19 sen, for a market capitalisation of RM926.12 million.

Edited by Kathy Fong