Genting sells Star stake for $181.9 million

Malaysian casino operator Genting Group has sold its stake in Australia’s The Star Entertainment Group for A$235.2 million (US$181.9 million), local media reports.

Genting said it sold 46.4 million shares, representing 5.62 percent of the issued capital at A$5.07 each, giving it a net gain of $67.5 million on its investment. 

The Genting Group initially bought a 9.7 percent stake in The Star back in early 2012.

According to The Australian, tt sold down 6.6 million shares in The Star for US$38.5 million during July 2016 to May 2017. 

Investment firm Perpetual is believed to be the main buyer of the stake. 

Shares in The Star closed on Thursday at $5.12.