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Friday 11th July 2008
Investment bankers Goldman Sachs has increased its holding in British land and online gambling group Rank by eleven percent to 16.1 percent, making it the second biggest shareholder after Malaysia’s Guoco Group Limited.
On Tuesday, Hong Kong-based Guoco increased its stake in the firm behind Grosvenor Casinos and Mecca Bingo to 17.08 percent, raising the ante in what could evolve into a bidding war.
Guoco is a subsidiary of investment group Hong Leong (Malaysia) Berhad run by Malaysian billionaire Quek Leng Chan and is 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, in direct competition with Malaysia’s Genting Group, who recently increased its stake 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.
Source: OnlineCasinoNews
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