OPAP calls shareholder meeting on licence deal

Greek betting monopoly OPAP has called an extraordinary shareholder meeting for Nov. 3 to seek approval for a 935 mln euro ($1.28 bln) licence deal that is part of the government's privatisation scheme.
OPAP's board agreed last month with the government to extend its betting monopoly by 10 years until 2030 and secured an exclusive licence to install 35,000 videolotto machines in the country.
OPAP — slated for a government share sale later this year — said shareholders will be asked to approve the deal along with a proposal for a loan of up to 600 mln euros to finance the new licences.
Approval of the deal by part state-owned OPAP shareholders is key to debt-choked Greece's efforts to sell a stake of up to 34% in the lucrative company.
OPAP said that if there is no quorum at the Nov. 3 meeting, a repeated meeting will take place on Nov. 14.
Its stock has fallen 46% this year amid the Greek debt crisis and concerns of a government "raid" on OPAP's cash.
Analysts say those fears have been exaggerated and the concession renewal and the VLTs business added value and improved visibility for the firm.
OPAP shares were up 7.7% at 1235 GMT, helped by a broader technical rebound in the Athens bourse .