- Readen Holding Corporation (RHCO, Financial) signs MOU to acquire 80% of Morrich Lottery in Nigeria.
- This acquisition marks RHCO's first entry into the African market with its Readies payment platform.
- RHCO to expand Morrich Lottery's services to include Keno and scratch lottery games, with future casino offerings possible.
Readen Holding Corporation (OTC PINK: RHCO) has announced its intention to acquire an 80% equity stake in Morrich Lottery Limited, a licensed lottery operator based in Nigeria. This strategic move, outlined in a recently signed Memorandum of Understanding (MOU), is set to broaden RHCO's reach in the African gaming market.
The transaction will facilitate the integration of RHCO’s Readies payment platform into Morrich Lottery's operations. The Readies platform, managed by RHCO's Czech subsidiary Finexeble S.R.O., is known for its blockchain-powered hybrid payment system, capable of handling both fiat and cryptocurrency transactions. This marks the platform's debut in Africa, set to offer seamless payment solutions across Morrich Lottery's services.
With this acquisition, RHCO intends to expand Morrich Lottery's offerings to include Keno and scratch lottery games. There is also potential to introduce casino services, pending regulatory approval within Nigeria's framework.
The MOU details a six-week due diligence period wherein Morrich Lottery will open its business and financial records to RHCO. An exclusivity clause within this period prevents Morrich from negotiating with other parties. Completion of the acquisition is subject to the successful conclusion of due diligence and final agreement negotiations.
Ridzky Berg, CEO of RHCO, stated, "This partnership not only strengthens our position in the global gaming industry but also brings the Readies platform to a vast and fast-growing consumer base in Africa. By embedding Readies into all of Morrich's lottery operations, we're creating a robust digital payment ecosystem that supports financial inclusion, enhances user experience, and reinforces our long-term fintech strategy."
