Guoco Group Acquire further Rank Shares

Leading European gaming group Rank Plc are reported to have traded additional shares to the Malaysian Guoco Group bringing the Asian enterprises holding in Rank to 12.67%. Guoco, part of the Hong Leong group procured the celebrated Claremont Club  in Berkeley Square, London from Rank a couple of years ago and is intending to manufacture  up a casino base within the UK. Guoco have steadily increased their shareholding in the ownership of Grosvenor Casinos since the beginning of 2008.

The Rank Group's key activities are the operation of bingo clubs and casinos in the UK which also include complementary on-line gaming and bookmaking services. Listed on the London Stock Exchange, UK based Rank, whose established brands include the renowned Mecca Bingo, are reported to have been damaged by the introduction of laws banning smoking and money spinning slot machines in its land based bingo operations. A profit warning in October 2007 which led to a slump in Ranks share prices prompted rumours of a takeover.

The recent trade has provoked further speculation that a Guoco takeover bid may be on the agenda.  Malaysian group Genting also currently occupies an 11% stake in Rank, but has rejected claims that it is preparing a bid.

25th June 2008