Genting up interest in casino group
Rank Group has confirmed that the Malaysian gaming group Genting Berhad has amassed nearly a 10 per cent holding in the company.
The news resulted in shares in the troubled gaming group soar by nearly 11 per cent.
"We welcome any new shareholder that recognises the value of Rank's businesses and their prospects,” said a spokesman for Rank in a statement.
"We look forward to a constructive relationship with them in the same way we do with all our major shareholders."
Analysts believe that Genting could be positioning themselves for a potential takeover.
Rank have been hit hard by the smoking ban in England and Wales, plus the introduction of the Gambling Act in September required the company to remove 950 lucrative jackpot machines from their clubs. As a result, Rank issued a profits warning in October that its full year operating profits would be significantly lower than those for 2006.
Editor, Jackpot.co.uk - 2007-12-03 11:36:23