Genting lifts stake in Lonrho

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(First Edition)

GENTING Berhad, the Malaysian holding company with interests in resorts and casino operations, plantations, property development and management and consultancy services, has increased its shareholding in Roland 'Tiny' Rowland's Lonrho, writes John Moore.

According to reports from Kuala Lumpur, Genting has bought through two subsidiaries another 25.37 million shares, representing 3.88 per cent interest in Lonrho, for 98.4m ringgits in cash in the open market.

In July, Genting announced it had bought a 2.03 per cent stake in Lonrho through its subsidiaries, while an affiliate outside the group, Genting International, had purchased a 1.03 per cent stake.

Lonrho maintained its silence on the Malaysian group's build-up of shares. Genting, however, said that its holding was for 'investment' purposes and was financed by internal resources.