Stanley
Leisure Sell Maxim Stake
As reported by the UK Times:
"Stanley Leisure has sold back its 50 per
cent stake in Maxims, the upmarket casino, to
Genting, the Malaysian gaming group, for £8.5
million.
"The
deal comes 14 months after Stanley purchased
the holding in the Kensington, West London,
casino from Genting for £6.45 million
as part of a wider tie-up between the two companies
to take advantage of new gambling laws.
"Genting
received the original payment in Stanley shares
— equivalent to a 1.1 per cent stake —
and at the same time acquired a further 9.1
per cent stake in the British company from Lord
Steinberg, its founder and chairman.
"Since
then, Genting has lifted its stake to almost
12 per cent while building a separate holding
of 29.8 per cent in London Clubs International,
which last month sold its Les Ambassadeurs casino
in Knightsbridge to an Indonesian tycoon…"
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