Major shareholder to cut stake in Rank Group

GuoLine Overseas, an investment subsidiary of Hong Leong Co, has opted to reduce its stake in British gambling operator Rank Group.

The investment company sold 50 million shares in Rank Group at a price of 185 pence in an accelerated bookbuild placing with institutional investors.

GuoLine Overseas said the sale amounts to a 12.8% stake in Rank Group, which will in turn leave Hong Leon with approximately 219.1 million shares in the company, equivalent to a 56.1% stake.

“The placing will significantly increase the free float in Rank and is expected to improve liquidity in Rank’s shares,” GuoLine Overseas said in a statement.

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