Far East Consortium, Chow Tai Fook to Restructure Australian Casino Stakes with The Star

MT Newswires Live

08/12

Far East Consortium International (HKG:0035) and Chow Tai Fook Enterprises agreed to acquire The Star Group's (ASX:SGR) 50% interest in the Destination Brisbane Consortium while selling their combined 66.6% stake in the Destination Gold Coast Consortium, according to a Tuesday Hong Kong bourse filing.

The transaction also involves the transfer of treasury casino assets in Brisbane and an increased stake in the Charlotte Street car park joint venture.

After completion, Far East Consortium (FEC) and Chow Tai Fook will each hold 50% of the Brisbane project via joint ventures that will no longer be consolidated into FEC's accounts.

Far East Consortium will retain rights to develop the next tower at the Gold Coast site, with The Star able to terminate the rights for about HK$102.2 million.

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