Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

US fund manager BlackRock takes 5% stake in SkyCity

US fund manager BlackRock takes 5% stake in SkyCity

By Paul McBeth

Jan. 15 (BusinessDesk) - US fund manager BlackRock, which manages more than US$4.1 trillion in assets worldwide, has built up a 5 percent stake in trans-Tasman casino and hotel operator SkyCity Entertainment Group.

BlackRock Investment Management (Australia) declared the shareholding in SkyCity today, with almost 29.1 million shares, or 5.01 percent of the company, making the third fund manager to build a substantial investment in the Auckland-based company after fund managers Lazard Asset Management Pacific and Investors Mutual made similar announcements in August last year.

The fund manager built up the stake from September, paying between $4 and $4.71 a share, according to a substantial shareholder notice.

SkyCity shares fell 0.5 percent to $3.83 today, and have gained 4.3 percent this year. The stock is rated an average ‘hold’ based on 10 analyst recommendations compiled by Reuters, with a median target price of $$4.15.

Last month, SkyCity warned its first-half profit would fall to between $65 million and $68 million as a strong New Zealand dollar versus its Australian counterpart weighed on earnings, due to its Darwin and Adelaide casinos. The company is expected to release its first-half earnings on Feb. 12.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Skodafone Goneski: Sky TV, Vodafone Drop $3.44 Billion Merger Plan

Sky Network Television and Vodafone New Zealand have terminated their merger agreement which aimed to create the country's largest telecommunications and media group, and have withdrawn an appeal against the Commerce Commission's rejection of the plan. More>>

Quake Insurance: Reforms To EQC Act Announced

· Increasing the monetary cap from $100,000 (plus GST) to $150,000 (plus GST) for EQC building cover.
· Clarifying EQC land cover is for natural disaster damage that directly affects the insured residence or access to it... More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>

Kaikōura Earthquake: Private Insurers Receive $1.8b Claims

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million. “...We have a high level of confidence that most people will have received settlement offers by the end of this year." More>>

ALSO:

Forms And Data: New Proposals To Simplify Personal Income Tax

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax. More>>