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Genting lifts stake in Aussie casino operator

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Genting lifts stake in Aussie casino operator Empty Genting lifts stake in Aussie casino operator

Post by hlk Tue 19 Jun 2012, 13:59

MELBOURNE: Malaysian gaming operator Genting Group has lifted its stake
in Australian casino operator Echo Entertainment with the purchase of
19.26 million shares worth A$82.6 million (US$83.3 million) by its Hong
Kong unit.

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

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

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