Shares of Star Entertainment Group (ASX:SGR) rose Wednesday after the company said in a late Tuesday Australian bourse filing that on Aug. 1, Citigroup Global Markets Australia and its related entities became a substantial shareholder, holding 156.4 million ordinary shares representing 5.45% of voting power.
The company's shares rose around 12% in recent Wednesday trade.
The company's constitution and regulatory agreements cap individual voting power at 10%, and it may refuse share transfers or demand divestiture if this limit is breached, the filing said.
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