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James Packer’s $450 million Crown sell-down
Story by | Added 29-08-2016 | Source | Leave a Comment

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”.



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