Malaysian group increasing its stake
 July 15, 2008, 9:42 am (4 months ago)Guoco Group, a affiliate company of the Asia-based investment group Hong Leong Malaysia Berhad run by Malaysian billionaire Quek Leng Chan, has expanded its stake in the British land and online gambling group Rank plc, increasing the stake in what could develop into a takeover battle with Genting group in Malaysia.
Genting lately enlarged its Rank shareholding to 12.67 percent following some incremental purchases.
Guoco's most recent move takes its interest in Rank plc to 16.18 percent. The voting rights in the shares are held by Asia Fountain Investment Company Limited
GGL is a managed undertaking of GuoLine Overseas Limited which is a controlled undertaking of GuoLine Capital Assets Limited ('GCAL'), a controlled undertaking of Hong Leong Company (Malaysia) Berhad.
Goldman, Sachs & Co., taking part as administrative for AFI, also has an indirect interest in the shares. 58 475 684 of the shares are registered in the name of Goldman Sachs Securities (Nominees) Limited and it is expected that the balance of 4 709 343 of the shares will soon be registered in the same sort of manner.
Guoco has been slowly growing its stake in Rank ever since January. The group has been aiming to build a base in the UK casino market, albeit with limited success. BIL, its affiliate company, made large losses in the first half year of its Clermont land casino possession and has won only four out of 19 license submissions to build casinos, mainly within its Thistle hotel chain.
Tags: Guoco, Group, expanded, its, stake, in, the, British, land, and, online, gambling, group, Rank, plcAutomatic Translation
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