Guoco Now Owns Over a Quarter of Rank PLC
February 5, 2009 (InfoPowa News) — Guoco Group, a subsidiary of the Asia-based investment group Hong Leong (Malaysia) Berhad run by Malaysian billionaire Quek Leng Chan, has once again increased its stake in the British land and online gambling group Rank plc. Over the past year the group has progressively bought up chunks of Rank shares, incrementally increasing its holding — currently at 26 percent.
The latest purchases are likely to resurrect speculation that Guoco is intent on a takeover, something that company spokesmen have in the past denied.
On 4 February 2009, Rank received notification, under the obligations imposed by the FSA's Disclosure & Transparency Rules, from Hong Leong Company (Malaysia) Berhad that, as at 2 February 2009, Hong Leong Co. had a notifiable interest in the voting rights attached to 101,590,149 Ordinary 13 8/9p shares representing 26.01 percent of the total voting rights in The Rank Group Plc.