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Cape Town - The long-awaited listing of Cape-based gaming investment company Grand Parade Investments (GPI) is set to take place next month, Fin24.com learnt reliably on Wednesday afternoon.
Fin24.com understands that the JSE, which initially stymied GPI's listing effort, has granted the group a listing on Friday June 6. An abridged pre-listing statement will be issued within a few days.
It seems that despite earlier misgivings GPI will be allowed to list as an investment company rather than an operating entity. Fin24.com also hears that new assets - that ensure investment diversification - have been added to GPI's portfolio.
Currently GPI's biggest investment is a significant minority stake in SunWest, the Sun International subsidiary that operates the cash-spinning GrandWest casino in Cape Town.
GPI also holds a meaningful stake in the new Golden Valley casino in Worcester and a major stake in Thuo Gaming, which operates the GrandSlots limited payout gaming machines.
GPI's listing has been on the cards for the best part of two years. The listing will carry the hopes of thousands of community-based investors who bought shares as part of an empowerment scheme in 2000.
Several "institutional" shareholders - namely Cape Empowerment Trust, Trematon Capital and Blue Bay Fund Managers - will no doubt also be relieved at the news of a JSE listing.
- Fin24.com