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Malaysian casino operator Genting has advised it will sell its 4.8 per cent share in Echo Entertainment Group Limited (ASX:EGP), almost half of its 10 per cent stake.
According to media reports, the trade was snapped up by another division of the Asian company and fully underwritten by Citigroup.
Genting says it wanted to rationalise its investment portfolio following a review of the company.
Crown Limited (ASX:CWN) recently boosted its regulatory approval application to increase its ownership of Echo from 10 per cent.
In the 2012 financial year Echo posted a net profit of $42.2 million.
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