Ulaan Baatar (PRWEB) February 25, 2013
The Mongolian Ministry of Finance granted a three-year license extension to the Mongolian National Lottery (MNL), owned by license holder BizInvin LLC (BizInvin) and operated by Modern Capital Vest LLC, Mongolian subsidiaries of Singapore-based Monvest Group Pte. Ltd. (Monvest). The license extension allows Monvest to move into the next phase of its expansion in Republic of Mongolia.
Since inception in 2010, Monvest has launched three major products under the Mongolian National Lottery brand 4D Lottery, 6/42 Jackpot Lotto and 6D Lottery. Over 70 lottery outlets are operational in Ulaan Bataar, and there are plans to double the number of outlets. Approved to list shares on Boerse Berlin, a leading German stock exchange, Monvest is currently restructuring its business under Monvest Asia AG, a German-based enterprise designed to support the Berlin listing.
The license extension was critical to the completion of the Berlin listing, notes Dr. Yap, Monvest Chairman. We wanted to show the market that we are in the lottery business for the long-term and this license is a major step in that direction. With this license in hand, we can move ahead with our capital raising program and speed the development of the business with larger advertising and public relations campaigns.
Ready to Grow
Monvest is the originator of the only active jackpot lottery operating in Mongolia, and holds the exclusive brand names of Mongolian National Lottery and Mega Lotto. The management team is successful in lottery management in other countries, such as Malaysia, Singapore and Australia, and oversees a work force of over 80 employees. The models of these countries have been used to design the Mongolian lottery product.
Mongolia National Lottery is in the early development stage compared to the history of Asian lotteries, particularly when compared to China, remarks Yap. Mongolias lottery market has great potential for expansion as the country has experienced rapid economic growth in recent years due to an abundance of resources, and this expansion is reflected in the major increase in GDP and income per capita. For these reasons, we believe this market is primed for lottery ticket sales.
Government-regulated lotteries are proven businesses and popular in developed and emerging nations. Experience shows that lotteries increase consumer spending significantly, contribute to economic expansion and raise funds for charities or sports. In addition, the introduction of the Mongolia National Lottery will not cost the local government anything from a cash outflow perspective due to the granting of a franchise to Monvest.
Monvest operates major lottery in Mongolia and there is ample room for revenue expansion in this market for a number of reasons. In the next phase of expansion, Monvest plans to accelerate tickets sales with a comprehensive marketing campaign as a future growth catalyst. In addition, Monvest management has aggressive plans to use its well-positioned locations to move into retail sales and outdoor advertising.
To this point we have worked mainly on refining the lottery management systems and developing awareness, concludes Yap. The next phase of our development will accelerate with the Berlin listing and access to European capital pools. The listing of this business combined with the attraction of new financing opportunities signifies an important step for the Company and the country in the global capital markets.
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