GAMBLING: GPI Finalises R179m Deal
Recent Western Cape Business News
Grand Parade Investments Limited (GPI) yesterday confirmed that it has gained full control of the Carentan Group. All of the necessary regulatory approvals have been obtained. The Carentan Group is comprised of 1000 limited payout slot machines (LPM) allocated to Thuo Gaming Western Cape (Pty) Limited (Thuo WC) trading under the Grandslots brand, and 1000 machines allocated to Thuo Gaming KZN (Pty) Limited (Thuo KZN) trading under the Kingdomslots brand.
Both of these route operators are market leaders in the LPM industry. In addition, the Carentan Group also includes a machine manufacture and distribution business, which supplies machines to the aforementioned operations. GPI has also satisfied the remaining conditions precedent to the separately announced agreement in terms of which it will secure the other minority interests in Thuo Gaming South Africa (Pty) Limited (TGSA), Thuo WC and Worcester Casino (Pty) Limited (WC), by acquiring 100% of BVI 967 (Pty) Limited, which owned 10% of TGSA, 100% of Slot Solutions (Pty) Limited, which owned 4.9% Thuo WC, and 100% of Stripe Investments 7 (Pty) Limited, which owned 7.72% of WC.
GPI therefore now owns and controls 100% of the Carentan Group, 100% of TGSA, 100% of Thuo WC and an effective 92.5% of Thuo KZN, through its 75% economic interest in Akhona GPI, which in turn owns 30% of Thuo KZN, with TGSA owning the other 70%.
GPI Chairman Hassen Adams said that the deal would further boost GPI’s gaming footprint in the Western Cape and KwaZulu-Natal and, eventually, further afield.
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