Guoco Boosts Rank Plc Holding

Published: Friday, May 23, 2008 Online-Casinos.com

GUOCO BOOSTS RANK PLC HOLDING Asian business group now owns 11.24 percent of UK gambling company Guoco, an Asian based group has increased its holding in the British land and online gambling firm Rank plc to 11.24 percent, or some 44 million shares according to stock exchange filings and reports in the UK business press this week.

The Asian company has been incrementally growing its ownership stake since the beginning of the year (see previous Online-Casinos.com/InfoPowa reports) moving first from 4 percent to 10 percent in April 2008 and now to 11.24 percent, fuelling speculation that it is moving toward a takeover bid.

Guoco's latest move enables it to overtake the Malaysian Genting group, which holds some 11 percent of Rank.

A spokesman for Rank Group plc said Hong Leong Co. (Malaysia) Berhad holds the shares, with voting rights by Asia Fountain Investment Co. Ltd. (AFI) a subsidiary of Guoco Equity Assets Ltd.

Source