KUALA LUMPUR (Jan 5): Berjaya Sports Toto Bhd (BToto) has taken its US-based subsidiary International Lottery & Totalizator Systems Inc (ILTS) private, resulting in ILTS’ shares ceasing to be traded on the US Over-the-Counter Markets.

This follows ILTS filing a current report on Form 8-K with the US Securities and Exchange Commission, pursuant to the US Securities Exchange Act of 1934.

"Effective Dec 30, 2014, ILTS has merged with and into its wholly-owned subsidiary, Delaware International Lottery & Totalizator Systems Inc (ILTS Delaware). As a result of the merger, ILTS Delaware is the surviving corporation and has changed its name to ILTS," said BToto in a filing with Bursa Malaysia today.

Following the effectiveness of the merger, ILTS implemented a reverse stock split which consolidated its issued and paid-up share capital of about 9.25 million shares to one share, effective Dec 31, 2014, such that Berjaya Lottery Management (H.K.) Ltd (BLM) is the sole shareholder of ILTS.

ILTS was previously a 71.32%-owned subsidiary of BLM is now a wholly-owned subsidiary of BToto via BLM. The company is involved in the design, development and provision of gaming and voting processing systems.

The closing price of ILTS last Friday was US$1.33, valuing the company at US$12.30 million.

BToto shares closed down 4 sen or 1.13% at RM3.50 today, giving it a market capitalisation of RM4.7 billion.