Imperial Pacific International (IPI) Chairman and Executive Director Cui Li Jie has offloaded almost 10% of the company in order to raise funds for development of its Saipan integrated resort.
IPI announced on Tuesday that its majority shareholder Inventive Star Limited, which is 100% owned by Ms Cui, had reached an agreement with Guan Lian Capital Holdings Group Limited to purchase 14 billion shares, representing around 9.79% of IPI’s issued share capital.
The transaction will see Inventive Star’s stake fall from 63.47% to 53.68%.
In its filing, IPI said that all proceeds from the sale will be offered as loans to the company “to expand the construction and development on the island of Saipan.”
Ms Cui’s disposal comes just 48 hours after it was revealed that IPI has brought in almost 100 construction workers from Italy to help complete its embattled IR, Imperial Palace‧Saipan. IPI recently requested another extension to its deadline for completion of Imperial Palace‧Saipan from 28 February 2021 to 21 August 2022.