MARC HASENFUSS: A morsel for cash hunters
If things pan out GPI could revert to being an investment company with a narrow focus on top gaming assets
Older readers might recall that Grand Parade Investments (GPI), as an unlisted entity, enjoyed a constant clamouring for its scrip. The company offered "single-shot exposure" to arguably the best casino asset in SA, the cash-spinning GrandWest casino in Cape Town, via an empowerment stake in Sun International subsidiary SunWest.GPI boss Hassen Adams also pulled off a brilliant deal in acquiring a significant minority stake in Real Africa Holdings (RAH), which owned minority stakes in various Sun International casinos. This became a valuable bargaining chip, and GPI exited at a handsome profit when Sun International bought out the RAH minority shareholders.Readers may also remember that there was an acrimonious battle for control of GPI just ahead of its JSE listing, when Shaun Rai’s Cape Empowerment Trust started aggressively building up its position.But GPI is now a very different beast, thanks mainly to its decision to enter the competitive fast-food and restaurant sector. Yet if ...
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