PARIS: France's state-owned lottery monopoly kicked off its shift to private hands Thursday , opening the sale of shares in the company that is likely to bring nearly two billion euros to government coffers.
"It's an opportunity to renew interest in the market with a simple product. When you're an individual, you need to invest for the long term," FDJ's chief executive, Stephane Palloz, told BFM television on Thursday.Around a third of the offering will be reserved for private investors, who will get a free share for every 10 bought if they hold them for at least 18 months.The subscription period runs to Nov 20, and trading will begin the next day.
Prime Minister Edouard Philippe's government has vowed to partially privatise a number of entities, including the airports operator ADP and the energy behemoth Engie, to feed a 10 billion euro fund to kickstart technological innovation.
Source: News Formal (newsformal.com)
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