Investment company Grand Parade Investments has increased its stake in SunWest, owner of the GrandWest Casino and Entertainment World and the luxury Table Bay Hotel in South Africa, to an effective 33.7 per cent.
GPI is the empowerment partner in SunWest and holds stakes in Worcester’s Golden Valley Casino, National and Western Mancos, limited payout machine operations in the Western Cape (GrandSlots) and Akhona, as well as a 30.6 per cent stake in Real Africa Holdings.
The latter gives it a share in Carnival City Casino and Entertainment World, Sibaya Casino and Entertainment Kingdom, Boardwalk Casino and Entertainment World and an increased stake in SunWest.
Following the latest acquisition into SunWest, involving the purchase of 560,000 newly issued shares for ZAR92.4m, GPI has increased its direct holding in SunWest from 26.41 per cent to 29.24 per cent (effective stake has increased to 33.7 per cent including the indirect stake held through Real Africa Holdings).
This acquisition was purchased at a price of ZAR165 per SunWest share, which is well below current estimates of market value.
