Hong Kong’s Chow Tai Fook Enterprises Limited and Far East Consortium International Limited have seen their combined stake in Australian casino operator Star Entertainment diluted following the latter’s recent institutional placement equity raising initiative.
Star revealed via a series of filings on Thursday that the companies’ previous 9.99% interest had now fallen to 6.86%, despite them having last week contributed AU$80 million to Star’s AU$595 million (US$401 million) placement.
Under the new shareholding arrangement, Chow Tai Fook subsidiary Firmament Investment Pte Ltd holds 47,377,137 ordinary shares, representing 3.43% of voting power in Star, while Far East Consortium International Limited also holds a 3.43% stake.
