Australia's Tabcorp set for worst week in 16 after Lotteries & Keno spin-off

Tah Hsin Industrial

09/07/2021 01:17

** Shares of betting firm Tabcorp Holdings Ltd  TAH.AX  down
~8% this week, on track for their worst week since late-March
    ** As at 0011 GMT, TAH stock down 0.4%
    ** TAH on Monday said it would spin off its Lotteries & Keno
business into a listed entity, drawing an end to a company-wide
review it undertook earlier this year  urn:newsml:reuters.com:*:nL2N2OG0KJ
    ** Credit rating agency S&P Global Ratings said it believed
demerger of Tabcorp's lotteries arm would "materially reduce its
earnings quality, scale, and diversification" 
    ** Stock set for a fifth consecutive session of losses
    ** Stock down 23.1% this year, as of last close
    
  

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))