American private investment corporation Tracinda Corporation that was owned by the late Kirk Kerkorian has the intention to sell shares worth 10 million in worldwide casino operator MGM Resorts, for a sum of $338.9 million.
In a statement to the U.S. Securities and Exchange Commission which is US government independent agency, the American Tracinda Corporation proved the acting of selling to the brokerage firm and investment bank, UBS Securities LLC from Switzerland, for an amount of $33.89 per single share.
After the first decision they have made for selling 16% of their stake in the resort for a sum $500 million, this is its second sale to the Switzerland-based investment firm in a period shorter than one year.
After the latest trade, the American Tracinda Corporation now poses 6.57% or exact number in shares is 31,173,744 of MGM, of the whole company.
Last September, the American company MGM Resorts purchased 10 million offers of its regular stock from the corporation owned by Kirk Kerkorian, Tracinda Corporation for a sum of $327.5 million.
In an announcement, the company explains its choice to sell, expressing that Tracinda still believes that MGM Resorts is from the considerable importance and extremely valuable and is a very good investment for the future.
Selling the shares in Tracinda is a decision that needs constant reevaluation, keeping in mind all the possibilities, opportunities and alternatives, in order to get the most of it, according to Mr.Kerkorian, as put in his will