SBC News Voice of the Sports Betting Industry
Malaysia and Singapore Hong Leong Co investment subsidiary Guoline Overseas Ltd has today reduced its stake in gambling operator Rank Group Plc. The investment firm confirmed that it had sold 50 million shares at 185 pence in a rapid sale of shares for investment purposes (financial term -accelerated bookbuild).
Business news sources report that Guoline Overseas has managed to raise approximately £93 million in its sale of Rank Group shares. The sale of the 12.8% stake leaves Hong Leong with about 219.1 million shares in Rank, the London-listed casino and bingo club owner, equivalent to a 56.1% stake.
“The placing will significantly increase the free float in Rank and is expected to improve liquidity in Rank’s shares,” GuoLine Overseas said in a statement issued before the placing price was finalised.
Guoline Overseas Ltd is a specialist investment subsidiary of Asian private equity firm Hong Leong Co who have financed companies in the financial services, property, entertainment and manufacturing. Hong Leong is the ultimate holding company for Malaysia’s Guoco Group, and is headed up by Singaporean billionaire Quek Leng Chan
