Investment firm now owns 11.24 percent of British gaming giant following profit warning.
Friday 30th May 2008
Asia-based investments holding company Guoco has again increased its stake in British casino, bingo and online betting firm Rank Group from 4.09 to 11.24 percent.
According to a filing with the London stock exchange last week, Guoco purchased an additional 43.9 million shares in a move that is likely to fuel speculation that the firm run by Malaysian billionaire Quek Leng Chan is eyeing up a bid for the UK company. Rank has been hit hard by the UK’s smoking ban along with the loss of lucrative gaming machines and has been the subject of takeover rumours since a profit warning it issued in the autumn led to a collapse in its share price.
Malaysia-based gaming group Genting has built a ten percent stake in Rank while the Richardson property and haulage family is also rumoured by analysts to have built up a nine percent holding.
Asia-based investments holding company Guoco has again increased its stake in British casino, bingo and online betting firm Rank Group from 4.09 to 11.24 percent.