GPI Increases Stakes in Real Africa

June 16 - Grand Parade Investment (GPI), the empowerment partner in SunWest, owner of South Africa's leading casino, the GrandWest Casino and Entertainment World in Cape Town, has announced that it has increased its stakes in Real Africa Holdings.

By acquiring more interests in Real Africa, GPI is effectively moving deeper into the fast-growing tourism, leisure and entertainment industry  in South Africa. Last month, the company bought 23% of Real Africa stakes and, following its successful launch onto the Johannesburg Stock Exchange earlier this month, those stakes were increased to 30.6%.

By buying into Real Africa, GPI now has stakes in the Boardwalk Casino and Entertainment World in the Eastern Cape, Sibaya Casino and Entertainment Kingdom in Kwazula Natal and Gauteng's Carnival City Casino and Entertainment World.

The Chairman of GPI, Hassen Adams said about the stake increase: "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."

"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," explained Adams. "GPI is now outgrowing its roots as a Western Cape-based 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."

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