Entrepreneur Hassen Adams of Grand Parade Investments is negotiating to strengthen his ties to Sun International (SI). They are partners in Cape Town’s Grand West, the country’s most profitable casino.
They published a joint SENS cautionary warning of “negotiations regarding the possible acquisition by Sun International of a material interest in GPI Slots.”
GPI’s Slots, which owns and operates limited payout of “pokie” machines, is currently a wholly owned subsidiary of the R2.3bn Grand Parade group.
The SENS announcement says “Should agreement be reached on the terms of the proposed GPI Slots acquisition, there may be an impact on the price at which Sun International and GPI shares trade.” That’s an understatement. Adams has long been singing the praises of his investment in pokie machines. At last someone else seems to have paid attention.
