Genting ups stake in London Clubs

Genting ups stake in London Clubs

KUALA LUMPUR, Malaysia: Malaysia's leisure and sole casino operator Genting Berhad has raised its stake in British gaming company London Clubs International PLC to generate more revenue from its overseas operations.

Genting bought 6.5 million shares in London Clubs for an undisclosed price, raising its stake to 19.1 percent from 16.2 percent, a statement posted on the London-based Regulatory News Service Web site said late on Wednesday.

The purchase brought Genting's total holding in the firm, which operates betting clubs, to 42.5 million shares.

The acquisition marks another effort by Genting, Malaysia's 10th biggest company in capitalization terms, to penetrate Britain's gaming market ahead of a widespread liberalization expected next year. -- AP