DUBAI (Zawya Dow Jones)--Dubai World's Chairman Sultan Ahmed bin Sulayem said Wednesday that the Dubai-government owned investment conglomerate has no plans to increase its 9.4% stake in casino operator MGM Mirage (MGM), a day after receiving approval from Michigan gaming authorities to buy more shares.
"We have bought what we need," Sulayem told Zawya Dow Jones by telephone Wednesday, without giving further information.
Sulayem declined to comment when asked if Dubai World had filed an application to increase its MGM stake to the Michigan Gaming Control Board.
The board unanimously voted Tuesday to allow Dubai World to up its stake in MGM Mirage to 14.75% from 9.4% should it wish to do so.
Dubai World bought a 4.9% stake in casino operator MGM last year and has since increased it to 9.4%. The agreement between the two companies allows Dubai World to acquire up to 20% of MGM's common stock.
-By Stefania Bianchi, Dow Jones Newswires, +9714 364 4967 Stefania Bianchi@ dowjones.com
Source:- 2008 Dow Jones & Company, Inc | 
