SYDNEY: The billionaire owner of Australia’s Crown Resorts Ltd has trimmed his stake to less than half, the latest step in cutting down his involvement in the country’s top casino company.
Former chairman James Packer’s private company Consolidated Press Holdings Pty Ltd said in a letter to Crown that it has sold about 4.8% for A$450mil (US$340mil) to third party investors, cutting its stake to 48% from 53%.
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