Grand Parade Investments increases stake in SunWest
JSE-listed investment company Grand Parade Investments (GPI) has increased its stake in SunWest, owners of the GrandWest Casino & Entertainment World and the luxury Table Bay Hotel, to nearly 30%.
GPI, which listed on 6 June, is the empowerment partner in SunWest, and holds stakes in the Cape Town International Convention Centre (CTICC), Worcester’s Golden Valley Casino and limited payout machine operations across South Africa. It also holds a 30,6% stake in Real Africa Holdings, giving it a share in Gauteng’s Carnival City Casino & Entertainment World, KwaZulu Natal’s Sibaya Casino & Entertainment Kingdom, and the Eastern Cape’s Boardwalk Casino & Entertainment World.
Following the latest acquisition into SunWest, involving the purchase of 560 000 shares for R92,4-million, GPI has increased its holding in SunWest from 26,41% to 29,24%. This is in line with GPI’s long-stated intention to increase its stake in SunWest to at least 30%.
“This acquisition is the realisation of our vision to increase our shareholding in SunWest. Among its assets, the GrandWest Casino is the most successful such operation in South Africa, the Table Bay Hotel is a very popular choice for visitors to Cape Town, and the CTICC has proven its worth over and over,” says GPI chairman Hassen Adams.
“By increasing our stake in SunWest, we are consequently further unlocking value for our shareholders, many of whom have been with us since our inception nearly a decade ago. It also brings us a step closer to our dream of becoming a major force in the South African – and eventually international – tourism, leisure and gaming market.”