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Australia – Genting offloads five per cent of Star Entertainment

By - 14 July 2017

The Australian media has reported that Perpetual Investment Management has increased its shareholding in the Star Entertainment Group buying some of the 5.62 per shares that Malaysian casino operator Genting Group has sold at AU$5.07 per share.

Sources suggested Crown or related entities may have bought some of the shares on offer
Genting is believed to offloaded 46.4m shares in the Australian casino group for A$235.2m($181.9m)

The block trade deal gave Genting a net gain of $67.5m on its investment

Genting bought a 9.7 per cent share in the casino operator, previously known as Echo Entertainment, in 2012 and was expected to increase its stake having asked to do so with the NSW state government. It was eventually approved to increase its share in the group to 24.99 per cent. That deal didn’t materialise though.

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