Singapore gaming operator Genting said it has lifted its stake in Australian casino operator Echo Entertainment with the purchase of 19.26 million shares worth A$82.6 million ($106 million).

The shares represent about 2.8% of Echo, adding to an unspecified stake in Echo that Genting acquired earlier this month.

Genting said in a statement to the Hong Kong stock exchange the investment was a good opportunity to diversify its
portfolio.

The Australian newspaper said on Tuesday that Genting met last week with billionaire James Packer, who owns 10% of Echo and is considering an alliance with the Singapore firm to help win greater control of the owner of Sydney’s only casino.