Sisal-Sans JV offers best bid in tender for Turkey’s national lottery

Turkish-Italian Sisal-Sans joint venture has presented the best bid for Turkey’s Milli Piyango national lottery,  the country’s sovereign wealth fund (TVF), which completed the bidding process said on Friday.

Sisal-Sans offered a bid of 9.32 billion lira ($1.69 billion) for the 2020 operating rights of the national lottery, Reuters quoted the TVF as saying in a statement.

The Turkish-Italian joint venture’s offer for 2020 comprised revenue commitment, together with dealer commissions, for 9.32 billion ($ 1.69 billion) lira, with a 9.5 commission rate, independent news site Diken said.

Set up by the government in 2016 to develop and increase the value of Turkey’s strategic assets and provide resources for investment, the TVF is run by self-appointed chairman, Turkish President Tayyip Erdoğan, who stepped into the role in September. The sovereign wealth fund is worth $50 billion.