ASIAN COMPANY GROWS STAKE IN RANK GROUP

8 February 2008

Guoco now owns a 23 million share slice of Rank plc action


In a move that increases its holding in UK gambling group Rank plc to 6.05 percent, the Asian-based property investment group Guoco managed by Quek Leng Chan, has expanded its holding in the UK casino, bingo and online betting company to 23 million shares.

Guoco held 4.09 percent prior to this week's acquisition of further equity.

Malaysia-based gaming group Genting has also built a 10 percent stake in Rank, and analysts say the Richardson property and haulage family has acquired a 9 percent holding (see previous InfoPowa reports).

Guoco is a property investment group, and bought the Clermont Club in London’s Berkeley Square from Rank in 2006 for GBP 31million.

UPDATE: As InfoPowa Weekly went to press the news came in that Malaysia-based gaming group Genting has also increased its stake in Rank plc from 10 percent to 11.03 percent, less than a day after the Guoco move.

Genting entered the UK casino market in 2006. when it bought top player Stanley Leisure.

Online Casino News courtesy of InfoPowa