500.com completes acquisition of MelcoLot stake

Sports lottery provider 500.com Ltd has announced it has completed the acquisition of a 40.65 percent stake in MelcoLot Ltd, according to a joint filing to the Hong Kong Stock Exchange on Tuesday.

The acquisition was first announced on May 29, 2017, with 500.com planning to acquire 1.3 billion shares in MelcoLot for approximately HK$322.2 million (US$41.3 million), or HK$0.252 per share.

In the Tuesday filing, MelcoLot also announced that it has appointed Ms. Huang Lilan as the chief financial officer fo the company starting June 6, 2017.

Ms. Huang Lilan has more than a decade’s experience in accounting, auditing, taxation and financial management. Prior to joining the Company, Ms. Huang served as the financial director of a subsidiary of 500.com, a role she has held since 2011.