Genting lifts stake in Australian casino operator with $106m buy

Singapore gaming operator Genting said it has lifted its stake in Australian casino operator Echo Entertainment with the purchase of 19.26 million shares worth A$82.6 million (S$106 million).

The shares represent about 2.8 per cent of Echo, adding to an unspecified stake in Echo that Genting acquired earlier this month.

Genting said in a statement to the Hong Kong stock exchange the investment was a good opportunity to diversify its portfolio.

The Australian newspaper said on Tuesday that Genting met last week with billionaire James Packer, who owns 10 per cent of Echo and is considering an alliance with the Singapore firm to help win greater control of the owner of Sydney’s only casino.

http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_812606.html

 

Category: Singapore