Australian Retirement Trust ups investment in The Star
The Australian Retirement Trust has increased its investment in The Start to 5.65 per cent.
Australia.- The Australian Retirement Trust, one of the country’s largest superannuation funds with over 2 million members, has increased its investment in The Star Entertainment Group. According to a company filing, it acquired 53,832,870 ordinary shares, representing a 5.655 per cent of the voting power in the company.
This news comes after US-based bank and trust, State Street, altered its holdings in The Star. According to Asia Gaming Brief, the bank initially increased its stake to 7.6 per cent of the voting power, only to decrease it to 6.34 per cent the following day and then increase it to 7.47 per cent.
The casino operator’s constitution and agreements with Liquor and Gaming New South Wales and the Queensland Office of Liquor and Gaming Regulation prohibit an individual from having a voting power of more than 10 per cent. It may refuse to register any transfer of shares which would contravene this restriction or require divestiture.
Also this week, State Street purchased stocks in Australian sports betting firm PointsBet, taking its holding to 5.04 per cent of voting power in the firm.
See also: The Star Entertainment Group confirms board renewals