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Expanding stakes online gambling industry
 July 24, 2008, 9:58 am (3 years ago)Guoco Group, a secondary of the Asia-based investment group Hong Leong (Malaysia) Berhad managed by Malaysian billionaire Quek Leng Chan, has afresh expanded its investment amount in the British land and online gambling group Rank plc, this time to above 18 percent.
Genting Group, a different Malaysian company, lately expanded its Rank equity holding to 16.18 % following some increasing purchases.
Guoco's most recent action takes its interest in Rank plc to 18.08 %. The entitlements of voting in the shares are controlled by Asia Fountain Investment Company Limited ('AFI'), a restricted enterprise of Guoco Equity Assets Limited, which is a restricted undertaking of Guoco Group Limited ('GGL').
GGL is a restricted enterprise of GuoLine Overseas Limited which is a restricted enterprise of GuoLine Capital Assets Limited ('GCAL'), a restricted enterprise of Hong Leong Company (Malaysia) Berhad.
Goldman, Sachs & Co., existing as guardian for AFI, has an circumlocutory interest in the shares. 70 565 512 of the shares are listed in the name of Goldman Sachs Securities (Nominees) Limited.
Guoco has been slowly expanding its investment amount in Rank from January. The group has been aiming to put up a foundation in the UK casino market, although with limited success. BIL, its subsidiary, made substantial losses in the first six months of its Clermont land casino rights and has won only four out of 19 license submissions to establish casinos, for the most part, within its Thistle hotel chain.
There is one more company which is interested in Rank other than Genting and Guoco . The Richardson family, whose interests are in property and shipping, are said to own an interest of about 11 % via contracts for difference.
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