Star Receives AU$100 Million From Shareholder; Unit Completes AU$60 Million Sale

MT Newswires Live

Apr 09

The Star Entertainment Group (ASX:SGR) secured AU$100 million from its largest shareholder, Investment Holdings, reducing US casino operator Bally's stake in a AU$300 million investment to AU$200 million, according to a Tuesday filing with the Australian bourse.

Additionally, Star's unit completed the AU$60 million sale of the Star Sydney Event Centre and other spaces to Foundation Theatres, a separate filing showed.

Of the total proceeds from the sale, AU$58.1 million is held in escrow and will be released once shareholder approval for the AU$300 million investment is obtained in June, the filing said.

If approval is not granted, Star may request the release of the funds subject to certain conditions, the filing added.

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