Guoco parent sells off Rank plc shares

In a fast-moving initiative today GuoLine Overseas Limited, a subsidiary of Hong Leong Company (Malaysia) Berhad, announced that it has sold 50 million ordinary shares (about 13 percent of its holding) in The Rank Group plc to institutional investors.

The shares represent approximately 12.8 percent of Rank’s entire issued share capital, and leave Hong Leong with 56.1 percent of Rank stock.

The shares were sold at a price of 185 pence per share, raising gross proceeds of GBP 92.5 million, Hong Leong revealed.