The Star Entertainment Group has confirmed that it has received, though rejected, several proposals to buy its 50 per cent interest in the Destination Brisbane Joint Venture (DBC) which owns The Star Brisbane integrated resort.
In response to an article published in Australian Financial Review on February 9, the company said that it had indeed received proposals from Chow Tai Fook Enterprises (CTFE) and Far East Consortium International (FEC).
It’s board, however, had “assessed each of the CTFE and FEC proposals received to date, and after careful consideration (which has included external advice), concluded that none of the proposals have provided sufficient value for The Star.”
It added that it is still in talks with CTFE and FEC to discover whether a sale of The Star’s 50 per cent interest in DBC “can be negotiated on terms satisfactory to The Star,” though it stressed that there was “no certainty that any transaction will be concluded.”
