The company said it is still awaiting approval for the transaction.
Australia.- Aquis Entertainment has provided an update on the sale of Casino Canberra. The company is still waiting for the final approval of the transaction but hopes to complete in the current quarter.
According to a stock exchange filing on Monday, the group is reviewing the expected proceeds from the transaction, including assessing new business opportunities, repaying debt and potentially distributing funds to shareholders.
Aquis Entertainment reported that it had accepted Iris CC Holdings’ proposal to buy Casino Canberra in July. Iris CC acquired 100 per cent of the shares of Aquis’s wholly owned subsidiary, Aquis Canberra Pty Ltd for AU$63m (US$42m), plus or minus customary completion adjustments.
Aquis dismissed a previous offer from Capital Leisure & Entertainment for which it had to pay an AU$1m break fee. The company reported AU$3.16m (US$2.16m) in net profit for the fiscal year 2022. Net sales increased from AU$14.5m (US$10m) to AU$17.8m (US$12.2m). Services revenue, which accounted for 92 per cent of all revenue, rose 23 per cent to AU$16.4m (US$11.24m).