Grand Parade Investments, a South African Broad-based Black Economic Empowerment investment holding company, was formed in 1997 and in June this year was listed on the Johannesburg Stock Exchange. Over the eleven years GPI’s share value has risen 1,687% and from an initial R28 million investment to a net asset value of R1.6 billion. During 2008 the company has increased its shareholding in SunWest to 33.7%, acquired a 30.6% interest in RAH and a 50% interest in Akhona GPI, which in turn holds a 20% stake in Thuo Gaming KZN.

At yesterday’s AGM Chairman Hassen Adams told shareholders that GPI’s limited payout machine (LPM) sector was doing exceptionally well in the Western Cape, where the company is in partnership with Australian Tatts Group in Thuo Gaming Western Cape’s Grandslots operations. Adams believes that growth in the gaming sector will be in LPMs over the next few years. Thuo holds LPM licences in KwaZulu-Natal and is bidding for licences in the lucrative Gauteng province.

LPMs have a maximum payout of R500 and are located principally in restaurants and bars. In GPI’s Annual Report published in November, new Chief Executive Adrian Funkey stated, “Especially while the world economy is in an incredibly volatile phase, we will continue to seek out opportunities to acquire further high-quality assets to complement our existing portfolio. We will also continue to pursue further opportunities in the LPM market, which is still very much in the “greenfield” stage of its life cycle.” (E-12.10.08)

© Copyright 2008 CasinoCompendium



>>> return to archives
>>> return to frontpage