The Macau Metro Monitor, June 19, 2012
GENTING RAISES ECHO STAKE TO NEAR 10% Reuters
Genting has raised its stake in Echo Entertainment to almost 10%, on par with Crown's James Packer. Genting bought 2% of Echo, or 13.8 million shares worth around A$60 million, in a single trade on Tuesday morning with Malaysian broker CIMB facilitating the deal, according to one of the sources and brokers in Sydney. That follows a block trade by Genting's Hong Kong unit on Monday for 19.26 million Echo shares, or about 2.8% of the Australian company, worth A$82.6 million, according to a stock market filing by Genting Hong Kong. Genting Singapore previously held an unspecified amount of Echo shares, which analysts say amounted to 4.9%. By that calculation, the latest deals would take Genting Group's stake through various group firms to 9.7%.
Under Echo's constitution, no single party can hold more than 10% and will need a regulatory nod to go further.