Grand Parade Investments ups its stake in Real Africa Holdings
GPI, whose meteoric success over the past decade was underlined by its listing on 6 June, is the empowerment partner in SunWest, which owns South Africa’s most successful casino, GrandWest Casino & Entertainment World, and the luxury Table Bay Hotel in the V&A Waterfront, as well as stakes in the Cape Town International Convention Centre, Worcester’s Golden Valley Casino and limited payout machine operations across South Africa.
Last month GPI also purchased a 23% stake in Real Africa, which gives 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. This stake will now increase to 30,6%, in a further deal coinciding with GPI’s listing.
“The further acquisition of Real Africa shares, which we are making with cash and scrip, is in line with GPI’s vision to become a major force in the tourism, leisure and gaming industry, not only in South Africa but also eventually on the African continent,” says GPI chairman Hassen Adams.
“This additional acquisition also provides GPI with an opportunity to increase its interest in RAH beyond the critical threshold of 25%, allowing us to exert significant influence as a material shareholder in RAH.
“GPI is now outgrowing its roots as a Western Cape-based community empowerment initiative, as evidenced by its JSE listing on Friday. It will continue to further black economic empowerment in a genuinely meaningful way, by being as inclusive as possible and offering a platform for ordinary people to enter the corporate environment in an equitable manner, but will do so as a national – and eventually international – company that is open to all.”