Hoo JAMAICA'S TWO biggest lottery companies are to become one within the next three months, the two said in a statement yesterday.
The majority of the shares in the Jamaica Lottery Company (JLC) will be acquired by Supreme Ventures Limited (SVL). This agreement was announced in a statement issued jointly by the SVL president Paul Hoo and JLC executive director Howard Mitchell.
Formerly Jamaica's sole lottery company, the JLC sells Lotto, Pick3 and Three Way Drop Pan. The JLC was overtaken in the contest for market share by SVL, the sellers of Cash Pot, Lucky 5 and Dollaz games.
The joint statement said an agreement for the acquisition, "at an undisclosed price," had been reached after several months of negotiations. It said all relevant details will be finalised within 90 days.
The acquisition will allow the merged entities to achieve, "substantial operating efficiencies in the distribution of all products currently offered by both," the statement said.
