Macau businessman Wang Xing Chun has been gobbling up shares of Star Entertainment even as the Australian casino operator is pushed to the brink of solvency. The Star Sydney. A Macau investor has taken a large stake in the company. (Image: The Star Entertainment Group) After recently acquiring AU$1.7 million worth of Star shares, Wang’s stake in the company reached 5.5%, prompting a disclosure with Australian regulators. A Friday filing with the Australian Securities Exchange (ASX) confirmed the investor has been buying the stock since September and he’s now the second-largest shareholder in the embattled gaming entity. The Company’s Constitution, as well as certain agreements entered into with Liquor and Gaming New South Wales and the Queensland Office of Liquor and Gaming Regulation, contain restrictions prohibiting an individual from having a voting power of more than 10% in the Company,” according to a Star regulatory filing. “The Company may refuse to register any transfer of shares which would contravene these… Read More
Category: Asia Pacific Gaming, Financial, Rumors, asia pacific gaming, rumors
Source: Casino.org
