Intuitive Investments Group Plc (AIM:IIG) saw a 15% surge in its shares after announcing its acquisition of Chinese lottery investment group Hui10 Inc. The deal involves issuing 1,911,529,540 shares to the current owners of Hui10 as payment. Hui10 holds a 33% stake in Beijing Huishi Dehua Information Technology Co, which offers a digital platform for playing the lottery on smartphones in China. Additionally, Hui10 owns a 60% shareholding in Beijing Huishi Chunyuan Technical Development Co, known as Lucky World, which enables lottery-only shops in China to sell a wider range of consumer goods.
Sir Nigel Rudd, the non-executive chairman of IIG, expressed his excitement about the investment into Hui10, stating that it presents a transformative opportunity for the company. He believes that Hui10 has the potential to generate significant returns for shareholders. As part of the investment, Giles Willits, who previously invested in Hui10 in 2018, will be joining the board to oversee Hui10’s operations.
This move marks a significant shift for IIG, as it recently transitioned from AIM to London’s main market. Sir Nigel Rudd, with his extensive experience in various board roles, is confident in the value this investment will bring to IIG.
In conclusion, Intuitive Investments has made a bold move by acquiring Hui10, a Chinese lottery investment group. With this strategic investment, IIG aims to tap into the growing lottery market in China and leverage Hui10’s digital platform and technology to drive growth and create value for its shareholders.
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