LONDON (Thomson Financial) - Malaysian gaming business Genting Berhad has increased its stake in casino and bingo operator Rank Group PLC to 10 pct from 9.38 pct previously.
In a statement to the London Stock Exchange, Rank said it received notification today of the transaction which took place on Dec 13.
Rank has been at the centre of takeover speculation in recent weeks since Genting purchased a 9.38 pct shareholding on Nov 29.
Genting already owns Stanley Leisure, the UK's largest casino operator, which it bought for 639 mln stg last year, and there has been speculation that it could look to merge that business with Rank's Grosvenor Casinos.
Richardsons Capital, a UK property developer, has also built up a 9.3 pct stake through derivatives this month. Richardsons, which has an asset portfolio worth around 4 bln stg, has built casinos and restaurants for Rank and been a longstanding investor.
Other parties who have reportedly been interested in Rank include Las Vegas-based gambling company Harrah's Entertainment Inc, UK betting operators Ladbrokes PLC and William Hill PLC, Aspinall's, which operates a high-roller casino in Mayfair and the Aspers casino in Newcastle, and Singaporean company BIL.
At 11.15 am, shares in Rank were trading at 97-1/2 pence, down 1/2.
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