Ten Cent subsidiary buys into China Lotsynergy

Hongze Lake, a subsidiary of the massive Hong Kong corporate Ten Cent, has announced that it is acquiring a 7 percent stake in lottery technology and services company China LotSynergy for $57.4 million.

Hongze will buy 594,034,513 new shares at a price of $0.75 each, and has negotiated the option to acquire a further 3.46 percent at $0.83.

If the option is exercised, the total proceeds from the sale will rise to $672.2 million, the company reported in a Hong Kong Stock Exchange filing this week.

Management at China LotSynergy said the new investment will be used mainly as working capital, and lays a sound foundation for the company’s association with Ten Cent.

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