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IGT Forms Joint Venture with Telling Telecommunications to Provide Innovative Lottery Products
LONDON, U.K. – July 27, 2017 – IGT has announced that it has formed a Chinese-foreign equity joint venture with Telling Telecommunication Holding Co., Ltd. subsidiary Shenzhen Tian Lian Cai Investment Co., Ltd. (“Telling”) to provide innovative lottery products to regulated Lottery Centers in the People’s Republic of China. Telling owns 51 percent interest in the newly formed joint venture, while IGT owns 49 percent.
“IGT is excited to join forces with a company of Telling’s stature and provide our latest technology and innovations to the growing Chinese lottery market,” said Walter Bugno, IGT CEO International. “As the lottery market continues to change, and the regulatory framework evolves, we believe that this partnership will be ideally positioned to successfully participate in China’s bright lottery industry future.”
“We are pleased to join forces with global lottery industry leader IGT,” said Huang Shaowen, Chairman of Telling Telecommunication Holding Co., Ltd. “By working together, we will bring the world’s most advanced technology, games, and operational best practices to China, enrich players’ experiences, help advance the Chinese lottery industry into a new era, and enhance its contribution to China’s social welfare.”
In addition to providing innovative lottery products, the joint venture will have the capability to conduct independent market operations, business development, and technological innovations in China. Operations will be subject to applicable Chinese regulatory and licensing approvals, and pending all approvals, it is expected to be operational in the third quarter of this year.
About Telling
Telling Communication Holding Co., Ltd. was listed on the Shenzhen Stock Exchange in 1997 (stock code: 000829, stock abbreviation: Telling Holding). Beginning as a mobile phone distribution business, it has developed into a large group of companies, including mobile phone distribution, lottery, mobile internet, mobile resale, and other businesses. Since 2004, for 13 consecutive years, it has ranked among the top 500 enterprises in China.
