Tenlot aims to raise $70M to fund expansion

The Jerusalem Post has run an interesting article on Engelinvest Group founder and billionaire industrialist Jacob Engel and his turn-key lottery and gaming operations and services company, Tenlot.

According to the article, Engel is looking to raise funds of $70 million by launching a $500 million IPO on the Stockholm Stock Exchange later this year to fund major expansion in and beyond the Latin American and African markets in which it currently operates.

The London-headquartered company recently obtained a 25-year operating license in Guatemala, targeting an audience of over 18-million people, and a 20-year trading license in Ghana, an African country with a population of 28 million.

Tenlot reportedly aims to triple annual sales in the next two years, targeting entry into the Uganda, Mexico, Kenya, Mozambique and Tanzania markets along with evolving and expanding its services to include scratch cards, sports betting and other casino games.

Read the full article here.

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