Overview

• The deadline to finalise the $53 million sale of Star’s 50% stake has been pushed from July 7 to July 31 after joint venture partners threatened to walk away.
• If negotiations collapse, Star will repay $10 million of received proceeds and $26.5 million in equity contributions to Chow Tai Fook and Far East Consortium.
• Negotiators are focused on Star’s bid to retain casino operating rights within the $4 billion Queen’s Wharf development.
• Securing the sale proceeds is crucial for Star’s efforts to ease its liquidity crunch following recent regulatory probes and trading halts.
• Chow Tai Fook Enterprises and Far East Consortium insist unsettled commercial issues must be resolved under the extended timeline or they will terminate the deal.