The Australian Securities and Investments Commission (ASIC) has announced it will appoint an investment bank or stockbroker to sell around 80 million shares in ASX-listed Southeast Asian casino operator Donaco International Ltd.
The move comes after the country’s Takeovers Panel last week ruled against the acquisition of a 9.71% stake in Donaco by Asian investment firm Orchard Capital Partners (OCP), which had previously taken control of a further 27.25% interest as a result of a defaulted loan repayment.
The Takeovers Panel stated at the time that the circumstances of the on-market acquisition were unacceptable because, among other reasons, the market was not aware OCP had any security interest in Donaco shares. It subsequently vested the 9.71% stake acquired by OCP between 7 and 31 December 2018 in the Commonwealth.
In its own filing, ASIC revealed it will now look to sell those shares vested in the Commonwealth via the use of an investment bank or stockbroker.