|James Packer’s $450 million Crown sell-down|
James Packer has sold nearly $450 million of shares in Crown Resorts to reduce debt in his privately-owned flagship.
The billionaire’s Consolidated Press Holdings Pty Ltd revealed today 35 million shares, representing 4.8 per cent of Crown, were sold to institutional investors at $12.80 a share.
The sale reduced CPH’s stake in Crown to 48.2 per cent, valued at $4.7 billion based on Crown’s share price of $13.32 as at 9.05am, down 20¢.
In a filing submitted by Crown, CPH said the divestment was part of its “financing and capital management strategy”.
The sale comes as Crown mulls a demerger of its Australian and international assets, as well as a potential float most of its Australian hotels via a property trust.
CPH said it remained “supportive of Crown Resorts’ recently announced initiatives to increase shareholder value, being the new dividend policy, proposed demerger and the conditional evaluation of a potential REIT”.
|HAVE YOUR SAY!!! - What do you think about this story? Tell us here.|