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Guoco raising its stake in British Online
 June 15, 2008, 8:05 am (3 years ago)For the third time this year, the Malaysian Guoco investment group has raised its stake by 2.67 percent in British online and land gambling group Rank plc.
In 2006, the company bought Clermont Club in London's Berkeley Square from Rank in for GBP 31 million and it has caused the City speculation to increase that a bid for the Rank group is being contemplated. Due to the laws regarding smoking and gaming machine restrictions in UK, Rank has been under pressure for the past year.
In the first six months of the Clermont ownership, subsidiary BIL made a loss and has won only four out of 19 license applications for building casinos in Britain. Guoco is not the only party considering Rank. The Richardson family is said to have an interest of about 11 percent in the company.
Also, Malaysian group Genting, which owns Stanley Leisure holds an 11 percent stake in Rank, although it has notified the market that it has no intention of making any offer in the forseeable future.
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