SBC News Voice of the Sports Betting Industry
Rank Group Plc has announced a directorate change with Chew Seong Aun replacing Tang Hong Cheong as a company non-executive director.
An expert in corporate finance, Seong Aun is the current group CFO and board member of Honk Kong-based private investment fund Guoco Group, the current majority shareholder of Rank Plc.
Seong Aun has had a 30-year executive career in investment banking, during which time he has specialised in raising working capital for large-scale enterprises and commercial projects across Asia, Europe and the UK.
Alex Thursby, Rank’s chairman, said: “I am pleased to welcome Seong Aun to the Rank board. Seong Aun brings a wealth of financial and commercial experience to the board and will be able to further enhance the good communication established between Rank and its major shareholder.”
The directorate change follows the decision by long-term corporate advisor Tang Hong Cheong a Rank non-executive director since 2000, to announce his retirement from all duties representing the LSE firm.
“On behalf of Rank I would like to thank Hong Cheong for his valuable contribution as a director over the past two years and wish him well on his retirement,” Thursby added.
Rank has closed its 2020 trading having raised a further £70 million in working capital, secured through a new share placement undertaken during November for institutional investors.
