GPI buys stake in Australian gaming firm | Fin24
 
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GPI buys stake in Australian gaming firm

Aug 07 2015 07:35


Company Data

GRAND PARADE INVESTMENTS LIMITED [JSE:GPL]

Last traded 2
Change 0
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Cumulative volume 39843
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town - Investment and empowerment group Grand Parade Investments [JSE:GPL] has bought a 4.95% stake in Australian gaming company, Atlas Gaming Holdings for R5.6m (A$608 670).
 
Atlas Gaming develops gambling machines for the Australian domestic market and the proposed transaction is aimed at opening the African market through GPI, a significant player in the South African gaming industry.
 
GPI said in a statement on Thursday it will use its cash reserves to acquire the initial stake of Atlas. It also has the option to after 12 months subscribe for a further 5.05% of the share capital of Atlas.

GPI CEO Alan Keet said the deal would unlock two additional revenue streams for the investment holding company, "the first being the ability to sell new gaming machines into the South African and African markets and the second that GPI will obtain the contract to manufacture all the gambling machines for the African market in our country”.

As shareholders in Atlas, GPI will attain the rights to manufacture and sell any gambling machines developed by Atlas Gaming in South Africa.

The manufacturing contract will be awarded to Grand Tellumat Manufacturing, a leading local electronics manufacturer in which GPI owns a 51% share.

For Atlas Gaming the deal would support its global growth strategy and unlock the African and European markets, according to Atlas's Tim Brcan.

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