New start for GentingFriday, Aug 4, 2017 09:00
Genting sell Aussie stake
The Genting Group are one of the biggest casino operators in the world. Genting own many luxurious casinos around the world and they also have a fantastic online casino offering. Genting are popular across the entire world, with luxury casino resorts in Asia, Australia, Europe and the US. Their online casino is popular as they are constantly offering exciting promotions and bonuses to new customers and loyal customers.
Genting have just recently broken the news that they have sold their entire 46 million shares for $235.2m in a block trade, and reports suggest that Perpetual Investment Management has made the huge purchase. Genting will be rolling in the cash as the sale has led to Genting receiving a whopping net gain of $ 67.5m on its initial investment, which was first initiated five years ago. Genting may well decide to offer their online customers more amazing promotions as they can certainly afford to do it!
Genting have their business heads screwed on
Genting certainly know a good investment deal when they see one, a huge $67.5m investment should see the casino giant make further developments in the casino industry. A Genting spokesperson confirmed that Genting sold the shares to make a profit and would use all the proceeds as general working capital and capital expenditure for the group. Genting also suggested that the funds earned from the sale might be used to fund some new investments, should the opportunity arise. Genting confirmed that the UBS, which is an investment bank, conducted the black trade.
Genting will be seeking further growth and development opportunities
This business news marks an exciting period for the Genting group which is controlled by Malaysian billionaire, KT Lim. It will be interesting to the see where the huge casino giant will look to expand and grow next. Genting had regulatory approval to increase their stake in Star to approximately 23% but decided not to go ahead with it. The sale has left Genting with no remaining stake in Star, which owns The Star Gold Coast, The Star Sydney and Queen’s Wharf Brisbane.
Following the big sale, shares in The Star have risen by a slight 2%, and Perpetual which owned A huge stake in Share previously now has regulatory approval to own 15% of Star. Genting management will be delighted to have turned such a big profit in their investment in a relatively short period of time. Genting will be hoping that they can use the revenue to incentivize new customers to their land-based casinos and online casino.
The Genting online casino is one of the top performing online casinos in terms of receiving traffic to the website. The amazing promotions combined with innovative and rewarding games, make the Genting online casino experience a joy to behold.