Hong Kong-listed International Entertainment Corp (IEC) has announced the disposal of 260 million shares, representing 18.99% of issued share capital, by Chairman Stanley Choi to a company owned by IEC’s Chief Executive Officer Ho Wong Meng.
The transaction will see Choi’s wholly-owned Brighten Path Limited reduce its stake from 55.82% to 36.83% for a total consideration of HK$228.8 million.
Ho, who was appointed as IEC’s CEO in September 2020, is also Executive Chairman of Frontier Capital Group Ltd, which owns Stotsenberg Hotel and FortuneGate Casino, in the Philippines gaming hub of Clark. No reason was given for the transaction.
Choi, renowned as a high stakes poker player, first acquired IEC in 2017 and soon after announced that it had reached an agreement with The Stars Group to license the PokerStars brand for land-based live events and poker rooms across Asia, including in Macau, Japan, South Korea, Vietnam, Singapore, Malaysia and Cambodia among others.
The company’s primary revenue source is New Coast Hotel Manila where it leases casino and related gaming equipment to PAGCOR.
It is currently planning to develop New Coast Hotel Manila into an integrated resort-style property, having last year been granted a provisional license to do so from the Philippines gaming regulator.