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Grand Parade to make gambling machines

Nov 28 2012 11:50 I-Net Bridge

Company Data

GRAND PARADE INVESTMENTS LIMITED [JSE:GPL]

Last traded 6.32
Change 0.05
% Change 0.01
Cumulative volume 533592
Market cap 3.08bn

Last Updated: 29/08/2014 at 04:23. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - South African casino operator Grand Parade Investments [JSE:GPL] said on Wednesday it has formed a joint venture with German's Merkur Gaming to make and distribute gambling machines in South Africa.

Merkur Gaming is a wholly owned subsidiary of the family-owned Gauselmann Group.

There were no gambling machine manufacturing facilities in SA‚ though the industry contributed about R50bn to gross domestic product annually‚ Grand Parade said in a Sens statement on Wednesday.

In terms of the joint-venture agreement‚ Grand Parade and Merkur will form a new company‚ called Grand Merkur (Pty) Ltd‚ which will be registered in SA to manufacture‚ assemble and distribute slot machines‚ sports betting terminals and lottery terminals.    

The financial details of the deal were not disclosed.

 
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