SYDNEY: James Packer, Australia's richest man, unveiled yesterday plans to raise A$600mil, more than previously targeted, in an initial public offering of a new investment fund.
Ellerston Capital Ltd, a subsidiary of Packer's private investment firm Consolidated Press Holdings (CPH), said it planned to list the fund on the Australian stock exchange in July. The size of the new Ellerston GEMS Fund was increased to A$600mil from A$500mil due to strong investor interest.
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