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GPI ready to roll

Mar 09 2009 17:43 Marc Hasenfuss

GPI pulling for 'mini-casinos'

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Johannesburg - Shares in gaming investment company Grand Parade Investments (GPI) bounced strongly on Monday after the release of some reassuring interim numbers to end-December 2008.

GPI holds a significant minority stake in SunWest (the operator of the Grand West casino in Cape Town) and the Golden Valley casino in Worcester. The company also holds influential stakes in Real Africa Holdings (RAH, another gaming investment company with stakes in a number of Sun International casinos) and Thuo Gaming (a limited payout machine operator).

The interim report showed GPI finishing 2008 with a net asset value of 355c/share - almost double the 180c level the company's shares were trading at last week.

The solid interim results, however, saw the shares shift up over 16% in light afternoon trade to 210c.

The results also disclosed that GPI - which apparently walked away from a possible deal to buy the Caledon and Newcastle casinos late last year - had spent almost R20m buying back 8 million of its own shares at an average price of 244c/share.

While acknowledging the global economic slowdown, chairperson Hassen Adams reiterated that GPI remained in a strong financial position with over R80m cash on hand.

GPI CE Adrian Funkey said there were numerous strategic investment opportunities for GPI to consider. "We are in a unique position to cherry-pick these investment opportunities in this distressed economic market."

No specific mention was made of GPI's 30% stake in RAH, where Sun International now holds a stake of more than 60%.

Finweek speculated in 2008 that an offer to RAH minorities was on the cards, which would leave GPI and Sun International to divvy RAH's array of casino investments.

- Fin24.com

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