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Monday 28th January 2008
Asia-based Guoco Group Ltd has increased its stake in British casino, bingo and online betting company Rank Group from 3.17 to 4.09 percent in a move likely to fuel speculation that it is planning an all-out bid.
Guoco is an investment and holdings management company run by Malaysian tycoon Quek Leng Chan, the world’s 382nd most wealthy person.
Rank, hit hard by a recent public smoking ban along with the loss of lucrative gaming machines under the Gaming Act of 2006, has been the subject of takeover rumours since a profit warning in the autumn led to a collapse in its share price.
Malaysia-based gaming group Genting has also built a ten percent stake in Rank with the Richardson property and haulage family also rumoured to have built up a nine percent holding.
Source: OnlineCasinoNews
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