The star Entertainment Group announces the end of the agreement with the partners of Coentreprise
The star Entertainment Group announces that his discussions with the partners of Coentreprise Chow Tai Fok Enterprises and the Far East Consortium International have been terminated.
After having been unable to reach an agreement on a number of “exceptional trade issues”, the star proposed to co -entreprise partners an extension of a negotiation date until August 6, but that was not accepted.
Consequently, the notice of termination of chiefs of agreement (HOA) took effect and it was officially terminated. The discussions date back to March when Star Entertainment planned to sell its participation in the destination Brisbane Consortium (DBC) and the destination Gold Coast Consortium (DGCC) to its coecent partners.
Now that the agreement has decreased, the star will retain his interest in equity of 50% in DBC and his interest in shares in DGCC. “The star will also keep the hotel and the parking lot of the Brisbane Treasury and its interest in the actions of 50% in the Charlotte Street parking lot (festival),” said the announcement of the ASX.
The star must also reimburse $ 10 million in product that she has received from Coentreprise partners, with the amount payable by August 6, 2025.
The star will retain its interest in 50% equity in the destination Brisbane consortium
In addition to the reimbursement, the star must reimburse the partners of joint venture for its part of contributions in shares which have been made by them at the DBC since March 31, 2025. This amount should currently be around 31 million dollars and is payable by September 5, 2025.
As for the joint venture partners, they are required to reimburse the star for their share of shares in shares that have been made by the star at the DGCC since March 7, 2025 under the terms of the HOA. It should be about $ 1 million.
“The star continues to engage with the partners of Coentreprise and will provide an update if there are material developments concerning the respective interests of the parties in DBC and DGCC,” said the ad.
“Given the termination of the HOA, the star examines the alternative options which can be at his disposal in relation to his interest in capital equity at 50% for DBC, as well as the Brisbane Hotel Treasury and the parking lot and his interest in shares of 50% in the parking lot of Charlotte Street (Festival).”
Star image: generated by AI via ideogram
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