Hong Kong-based firm now holds over 22 percent of British online bingo club and casino operator.
Friday 15th August 2008
Asia’s Guoco Group Limited has yet again increased its stake in Great Britain’s second largest bingo club and casino owner, Rank Group, to 22.33 percent.
Guoco is a subsidiary of investment group Hong Leong (Malaysia) Berhad run by Malaysian billionaire Quek Leng Chan and is seemingly looking to build a base in the UK casino market. It has been gradually raising its stake in Rank since January, when it held around four percent, also in direct competition with Malaysia’s Genting Group, who recently increased its share to 12.67 percent. There is also the UK’s Richardson family, whose interests include property and haulage, with a stake thought to be around eleven percent.
Last month, investment bankers Goldman Sachs increased its holdings in Rank by eleven percent to 16.1 percent, making it the second biggest shareholder after Guoco.
Rank is the firm behind MeccaBingo.com, GrosvenorCasinos.com and GrosvenorPoker.com and last month Hong Kong-based Guoco raised its stake from to 12.67 to 18.08 percent.
Asia’s Guoco Group Limited has yet again increased its stake in Great Britain’s second largest bingo club and casino owner, Rank Group, to 22.33 percent.
Guoco is a subsidiary of investment group Hong Leong (Malaysia) Berhad run by Malaysian billionaire Quek Leng Chan and is seemingly looking to build a base in the UK casino market. It has been gradually raising its stake in Rank since January, when it held around four percent, also in direct competition with Malaysia’s Genting Group, who recently increased its share to 12.67 percent. There is also the UK’s Richardson family, whose interests include property and haulage, with a stake thought to be around eleven percent.
Last month, investment bankers Goldman Sachs increased its holdings in Rank by eleven percent to 16.1 percent, making it the second biggest shareholder after Guoco.
Rank is the firm behind MeccaBingo.com, GrosvenorCasinos.com and GrosvenorPoker.com and last month Hong Kong-based Guoco raised its stake from to 12.67 to 18.08 percent.