Sale of a part of Guoco Group’s shares in Rank
Malaysian investment firm Guoco Group Limited has announced that it will be divesting approximately 22.74 percent of the shares it holds in British gambling giant Rank Group as a special dividend for the year to the end of June.
The owner of London’s prestigious Clermont Club casino, Guoco Group is run by Malaysian billionaire Quek Leng Chan and revealed that it will be distributing around 88.84 million shares in Rank to shareholders in order to help increase the public float of the gaming firm while allowing investors to benefit directly from its previous investment.
“Rank will remain a subsidiary of the company, which will hold approximately 51.76 percent of the issued share capital of Rank after the distribution,” read a statement from Guoco Group.
“Following the purchase of shares in Rank by certain institutional investors whose shareholding in Rank increased to above five percent, Rank has been technically in breach of the minimum free float requirement of 25 percent under the listing rules imposed by the UK Listing Authority. Currently, the shareholding of Rank held in public hands is 18.45 percent.”
Guoco Group stated that its eligible shareholders are to receive 0.27 of a Rank ordinary share of par value at 0.1389 pence for every one of its ordinary shares they hold ‘around the end of August’.