SkyCity to sell GiG stake for NZ$55 million

SkyCity to sell GiG stake for NZ$55 million

Added:
SkyCity to sell GiG stake for NZ$55 million

SkyCity Entertainment Group has stated that it will sell its full stake in Gaming Innovation Group (GiG), which it bought in April 2022.

GiG is a European-based online gambling platform provider and media services operator via which SkyCity operates its SkyCity Online Casino (located in Malta).

In a note issued on Tuesday, the group stated that SkyCity has decided to sell its stake in GiG since it is non-core to its ongoing operations and is no longer regarded strategically vital for SkyCity.

The group anticipates net sales of around NZ$55 million after brokerage and legal fees. The corporation initially paid around NZ$40 million for its stake in GiG. The funds are planned to be utilized to pay down the group’s debt as part of its ongoing cautious capital management approach.

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