Back in 2010, the Malaysian firm proposed a lottery project to the Vietnamese government. Almost six years later, Vietnam finally decided to award Berjaya and the Vietnam Computerized Lottery One Member Limited Liability Company (Vietlott) an exclusive contract to invest and operate a nationwide computerized lottery for 18 years, The Star reported.
The Hanoi Department of Planning and Investment issued the crucial investment registration certificate to Berjaya and Berjaya Sports Toto Bhd, according to the company’s Bursa Malaysia filing.
The certificate covers “investment for procurement and operation of the technical system, equipment, technology, software and computerized lottery in Vietnam.”
The lottery project is expected to cost a total of RM919.18 million (US$210.58 million). According to Berjaya, the project will be funded “through internally-generated funds and/or borrowings.”
The Vietnam lottery project will be carried out via Berjaya Gia Thinh Investment Technology Joint Stock Company (Berjaya GTI), a subsidiary incorporated in Vietnam. Berjaya GTI is 51 percent owned by Berjaya Lottery Vietnam Limited (BLV), which, in turn, is 80 percent owned by Berjaya Corp. and 20 percent owned by Berjaya Sports Toto Bhd (BToto).
‘[Berjaya Corp] and BToto will make the necessary announcements once the business cooperation contract has been executed,” the companies said in a joint statement.