Global giant keen on SkyCity

Last updated 12:51 15/01/2014
SKC 3.720 -0.09 -2.36%
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The world's biggest investor has taken a 5 per cent stake in casino operator SkyCity, worth more than $111 million.

New York-listed BlackRock is an asset management leviathan, with more than US$4 trillion (NZD$4.8t) of funds under management.

Disclosure statements posted on the NZX this morning reveal the company has crept past a 5 per cent threshold in SkyCity, which requires it to disclose its holding.

It now owns 29 million shares on behalf of investors, worth about $111m at today's market price of $3.83 per share.

The holding is split between various BlackRock subsidiaries from the UK, Canada, Germany and Australia, with the bulk owned in the United States.

SkyCity shares fell 0.5 per cent in morning trading and are down 1.3 per cent over the last 12 months.

more to come

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- Fairfax Media

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