Market Alert: Strong Nuclear Tensions in South Asia Assessing the Fallout on Global Equity Markets
SkyCity Entertainment Group's (NZX: SKC) shares plummeted over 20% following the announcement to halt dividends, dropping to NZ$1.35 and erasing nearly NZ$300 million from its market value. Economic challenges, regulatory fines, delays in hotel projects, and commitments to the convention center were cited as key reasons.
The board decided to suspend dividends for the latter half of the 2024 financial year and the entire 2025 financial year to ensure compliance with its net debt/EBITDA covenant of 3.75 times.
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