Hosken Consolidated Investments (HCI) announced on Monday it had secured a further 6.7 percent of Johnnic Holdings in its hostile bid for the leisure and gaming group.

This latest move means HCI, which through Mercanto currently owns around 39.8 percent of Johnnic, has now effectively increased its ownership to 46.5 percent. It is still 3.5 percent short of majority control

As a result of the cash or share offer, HCI will issue 4.25 million new shares.

HCI did note in a statement however that the offer is still subject to approval from the Competition Tribunal, which will make a ruling on the matter on Tuesday.

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