Star Entertainment shares jump on talk of Brisbane offers
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More news: Shares in The Star Entertainment have soared nearly 14% to 12.5 cents each in early trading after the embattled casino operator said confirmed receiving proposals from Hong Kong-based conglomerates Chow Tai Fook Enterprises (CTFE) and Far East Consortium (FEC) International for its 50% stake in the Destination Brisbane Joint Venture that owns The Star Brisbane resort.
While Star said none of the proposals "provided sufficient value", it is continuing to engage with both suitors to see if an improved proposal can be negotiated.
Star Entertainment in talks over Brisbane casino sale
The news: The Star Entertainment has confirmed that it has received "several" proposals from Hong Kong-based conglomerates Chow Tai Fook Enterprises (CTFE) and Far East Consortium (FEC) International, seeking to acquire the casino operator's 50% controlled Destination Brisbane Joint Venture, which owns The Star Brisbane resort.
The context: The Star said that its board has assessed each of the proposals received by CTFE and FEC to date and concluded that none of them "provided sufficient value" for the company.
However, The Star is continuing to engage with both suitors to see if an improved proposal can be negotiated.
Meanwhile, the group said it is continuing to explore possible liquidity solutions, as announced in January, warning that there remains "material uncertainty as to the group's ability to continue as a going concern".
The source: ASX announcement
