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Sumitomo Mitsui Trust increases SkyCity holding

Sumitomo Mitsui Trust increases SkyCity holding

By Gavin Evans

Aug. 16 (BusinessDesk) - Sumitomo Mitsui Trust has acquired another 7.7 million shares in casino operator SkyCity Entertainment, lifting its relevant interest in the firm to 6.2 percent.

The company says extra shares acquired by its Nikko Asset Management business in Australia on Tuesday triggered the disclosure. It didn’t specify the price paid for the latest block of shares. The trust previously reported a 5.2 percent interest on May 11.

SkyCity shares reached a one-month high last week after the firm reported a better-than-expected 5.5 percent lift in full-year normalised operating earnings to $338.2 million.

The stock was recently at $4.14, down 3 cents from yesterday but up about 6 percent the past year. They traded as high as $4.19 on Friday, the most since July 5, according to NZX data.

(BusinessDesk)

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