18th Feb 2015 09:49
LONDON (Alliance News) - Hong Leong Co (Malaysia) Bhd has reduced its stake in The Rank Group PLC, according to a statement on Wednesday, with subsidiary GuoLine Overseas Ltd selling 50 million shares at a price of 185 pence per share in an accelerated bookbuild placing with institutional investors.
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.
Rank Group shares were down 0.1% at 185.00 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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