{"id":236,"date":"2024-06-27T01:48:25","date_gmt":"2024-06-26T22:48:25","guid":{"rendered":"https:\/\/sunriseslots100nodepositbonus.icu\/2024\/06\/27\/genting-sells-stake-in-star-entertainment-group\/"},"modified":"2024-06-27T01:48:25","modified_gmt":"2024-06-26T22:48:25","slug":"genting-sells-stake-in-star-entertainment-group","status":"publish","type":"post","link":"https:\/\/sunriseslots100nodepositbonus.icu\/2024\/06\/27\/genting-sells-stake-in-star-entertainment-group\/","title":{"rendered":"Genting Sells Stake in Star Entertainment Group"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/bhgaJypV3tY\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Genting Organization, a Malaysian conglomerate specializing in gaming and entertainment, has divested its 5.6% holding in the Australian casino operator, Star Entertainment Group Limited.<\/p>\n<p>The organization confirmed that its entire 46 million shares were sold in a single transaction for A$235.2 million. Numerous reports indicate that Perpetual Investment Management was the acquiring entity.<\/p>\n<p>The total proceeds from the sale yielded a net profit of $67.5 million for Genting on its investment, which commenced five years ago.<\/p>\n<p>Genting stated that investment bank UBS facilitated the block trade, leaving the company with no remaining interest in Brisbane-based Star Entertainment Group, which owns The Star Sydney, The Star Gold Coast, and Treasury Brisbane.<\/p>\n<p>In an official statement, Genting indicated that the sale of the shares was intended to realize profits and would be allocated towards the group&#8217;s operational funds and capital expenditures. It also stated that the funds could be utilized to &#8220;finance new investments&#8230; should suitable opportunities present themselves.&#8221;<\/p>\n<p>Genting Group, under the leadership of Malaysian tycoon Lim Kok Thay, had obtained regulatory authorization to increase its stake in Star Entertainment Group to approximately 23%, but ultimately decided against expanding its investment.<\/p>\n<p>Following the announcement of the transaction, shares in Star Entertainment Group experienced a 2% increase. <\/p>\n<p>The enduring firm, which possessed an 11.6% share of Dream Cruises in February, has received approval from the liquor and gambling authorities of New South Wales and Queensland to expand its ownership to 15%.<\/p>\n<p>Connected news: Genting Singapore&#8217;s net deficit shrinks<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Genting Organization, a Malaysian conglomerate specializing in gaming and entertainment, has divested its 5.6% holding in the Australian casino operator, Star Entertainment Group Limited. The organization confirmed that its entire 46 million shares were sold in a single transaction for A$235.2 million. Numerous reports indicate that Perpetual Investment Management was the acquiring entity. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Genting Sells Star Entertainment Stake for $235 Million<\/title>\n<meta name=\"description\" content=\"Genting Organization divests its 5.6% stake in Star Entertainment Group, selling 46 million shares for A$235.2 million. 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