Athens - Shares of Intralot rose as the world's third-largest gaming technology and services company was named as the preferred bidder to operate South Africa's national lottery.
The stock rose as much as 68 cents, or 3.4 percent, to €20.48 in Athens and was up 2.6 percent as of 2.07pm local time, heading for its steepest one-day gain since June 15.
South Africa's government named Intralot and two local partners as the preferred bidder for the contract which will span between five and eight years, the country's Trade and Industry Minister Mandisi Mpahlwa said in an e-mailed statement on Tuesday. The winner will be named at the end of September, the statement said.
Intralot is part of the empowerment consortium Gidani, which includes women's group Nozala, black-owned financial services group Vunani Capital, Cosatu's investment arm Kopano ke Matla and broad-based social groups.
Earlier, Greek media including financial website Euro2day reported Intralot had been named the winner of the contract.
"The development is positive as the South African lottery has an annual turnover of €500 million," Proton Securities analysts wrote in a report. - Bloomberg