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Cape Town - Newly listed gaming investment company Grand Parade Investments (GPI) did not wait too long to clinch its first deal.
On Monday, sources close to the company confirmed GPI had last week snapped up another 7.6% of listed gaming investment company Real Africa Holdings.
This confirms speculation on Fin24.com last Friday when large volumes were picked up in RAH's shares.
The deal brings GPI's stake in RAH to 30.6%. GPI acquired 23% of RAH - which owns minority stakes in a handful of Sun International operated casinos - shortly before listing on the JSE.
Fin24.com understands that GPI has funded the deal with a combination of scrip and cash, and that one of the main vendors was the Ellerine Brothers.
As things stand, over 90% of RAH's issued shares are now controlled by two entities. Gaming giant Sun International holds a 60% stake in RAH, after attempting unsuccessfully to buy out the company's minority shareholders about two years ago.
With a much reduced free-float there may be an opportunity for either Sun International or GPI to buy out the remaining RAH minorities.
If minorities are taken out of the RAH equation, there may be scope for Sun International and GPI to do some "horse-trading" on the underlying investments.
- Fin24.com