Star rescue takes a twist as new offer lands: report

Star’s shares remain suspended and last traded at 11 cents. The company’s board is yet to sign off on its latest financial accounts.

Any deal to offload Star’s assets would require a number of approvals, including that from the Foreign Investment Review Board.

Star has been racing to shore up its finances and avoid falling into administration. Its earnings remain under pressure from a cost-of-living crisis, and analysts expect Star to lose money for years in its current state.

There’s also a looming penalty from Australia’s financial crimes regulator – a fine in the region of $330 million, according to some analysts – for alleged breaches of anti-money laundering laws.

With Colin Kruger and Bloomberg