KUALA LUMPUR: Genting International PLC (GIPLC) has through its wholly owned subsidiary, Palomino Ltd, raised its shareholdings to 10% in The Rank Group Plc, the United Kingdom’s second largest casino operator.
Genting Group had on Dec 3 announced that Palomino has bought a 9.38% stake representing 36.63 million shares in The Rank using its own funds and a rights proceeds.
In a statement yesterday, GIPLC said it had raised its interest to 10% in The Rank on Dec 13.
The UK casino operator has been tipped as a takeover target ever since a profit warning sent its share prices crashing to their lowest level in seven years.
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