Genting HK sells remaining Star Entertainment stake for A$235.2m

GENTING Hong Kong has sold its remaining stake in Australia-listed Star Entertainment in a block trade for A$235.2 million (S$250.2 million), the leisure and entertainment company announced on Friday before the market opened.

The shares, representing a 5.62 per cent interest in gaming company Star Entertainment, were held by wholly owned subsidiary CCL, and the sale is being carried out through UBS AG.

Genting Hong Kong will record a gain of about US$67.5 million from the block trade and from earlier disposals.

The company said that it was selling the shares because it was a "good opportunity" to realise a gain.