Loading...

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
% Change 0
Cumulative volume 1327835
Market cap 0

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

Related Articles

GPI and Sun Intl caution shareholders

Burger King impacts GPI results

Gambling revenue expected to rise

Illegal gambling costing SA millions

Mixed responses to legalising online gambling

Merger creates large gaming group

 

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.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

grand parade investments  |  gambling
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

#SAVINGSMONTH

Five of SA's top financial brains, including SARB governor Lesetja Kganyago share their best savings habits.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Are you prepared for the latest round of Eskom’s load shedding??

Previous results · Suggest a vote

Loading...