Thursday September 20, 2012
Genting to reduce stake in Aussie casino
Genting through its subsidiaries in Singapore and Hong Kong built its stake in Echo, the owner of the only casino in Sydney, earlier this year and had sought regulatory approval to increase its holding.
Genting was looking to sell the shares, equal to about 4.8% of Echo, at A$3.99 per share, a 2.7% discount to the closing price of A$4.10, three sources with knowledge of the sale said. The stake is worth around A$158 million (RM479.4mil).
A Citigroup spokeswoman declined to comment while Echo was not immediately available to comment. — Reuters