CPH sells stake in Crown Resorts
 
CPH sells stake in Crown Resorts
31 MAY 2019 9:27 AM

Consolidated Press Holdings Pty Limited has entered into a share sale agreement with Melco Resorts and Entertainment Limited to sell 19.99% of Crown to Melco for 1.76 billion Australian dollars ($1.22 billion).

MELBOURNE, 31 May 2019--Consolidated Press Holdings Pty Limited (‘CPH’) announces that it has today sold down a part of its shareholding in Crown Resorts Limited (‘Crown’) in order to diversify CPH’s investment portfolio.

CPH has entered into a share sale agreement with Melco Resorts and Entertainment Limited (‘Melco’) to sell 19.99% of Crown to Melco for an aggregate purchase price of A$1.76 billion (reflecting a price of A$13.00 per share).

Following completion of this share sale, CPH will own approximately 26% of Crown with a value of approximately A$2.3 billion (at A$13.00 per share). CPH will continue to be represented on the Crown board.

CPH remains very optimistic about the future prospects of Crown and its world class resort facilities in Melbourne and Perth, as well as with the opening of the exciting new Crown Sydney at Barangaroo, scheduled for the first half of calendar year 2021.

Mr James Packer said, “Crown has been a massive part of my life for the last 20 years and that absolutely remains the case today - my continuing Crown shareholding represents my single largest investment. I am still vitally interested in Crown’s success as a world class resort and gaming business. The sale allows me to continue my long term involvement with Crown and at the same time to better diversify my investment portfolio.”

Mr Packer continued... “I am thrilled Lawrence Ho and Melco have chosen to invest in Crown. Over the last 15 years Lawrence has built one of the world’s leading resort and gaming companies. Melco’s award winning resorts have set the standard internationally and are a testament to Lawrence’s vision and efforts. Crown is a stronger company with Lawrence and Melco as a strategic shareholder.”

CPH will lodge a Notice of Change in Substantial Holding both with Crown and the Australian Securities Exchange. That notice will attach a copy of the Share Sale Agreement between CPH and Melco Resorts.

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