The 5.6% share that the Malaysian gaming and entertainment behemoth Genting Group had in the Australian casino operator The Star Entertainment Group Ltd. has been sold.
The business acknowledged that all 46 million of its shares were sold in a block deal for A$235.2 million; according to several sources, Perpetual Investment Management was the buyer.
Genting made a net gain of $67.5 million on its investment, which was started five years ago, thanks to the whole sale price.
According to Genting, investment bank UBS carried out the block deal, leaving it with no further ownership in Brisbane-based Star, which is the owner of Queen’s Wharf Brisbane, The Star Sydney, and The Star Gold Coast.
Genting stated in a statement that it sold the shares in order to turn a profit and would utilize the money raised for the group’s capital expenditures and general operating capital. In the event that favorable chances present themselves, it may also “fund new investments.”
Although it had received regulatory clearance to raise its ownership in Star to about 23%, Genting, which is owned by Malaysian billionaire KT Lim, chose not to withdraw its investment.
When the agreement was announced, The Star’s stock increased by 2%.
The liquor and gaming authorities in New South Wales and Queensland have given Perpetual, which held 11.6% of Star in February, permission to increase its ownership to 15%.
