International Entertainment Corp Chairman Stanley Choi Chiu Fai has sold off a further stake in the company – the third time since March he has disposed of a substantial interest.
According to details filed with the Hong Kong Stock Exchange on Monday, Brighten Path Limited, which is wholly-owned by Choi, has disposed of another 66 million shares at an average consideration of HK$0.40 per share, representing an aggregate of HK$26.4 million (US$3.9 million).
The transaction reduces his stake from 32.23% to 27.41% of issued share capital.
Choi, who acquired International Entertainment Corp in 2017, had previously held 55.82% of the company but sold off an 18.99% share to IEC’s Chief Executive Officer, Ho Wong Meng, in March for HK$228.8 million (US$29.4 million).
Earlier this month he sold off another 63 million shares for HK$24.6 million (US$3.2 million), reducing his interest to 32.23% before this latest transaction took his stake below 30%.
IEC owns New Coast Hotel Manila in the Philippines where it plans to co-run casino operations alongside local gaming regulator PAGCOR as part of a recently signed cooperation agreement. The company then plans to use the know-how it acquires from PAGCOR to develop and operate its own integrated resort in Manila, having already been granted a provisional gaming license.
IEC recently revealed that its IR would feature “two-to-three sky high buildings” and cover 250,000 square meters of total area, with substantial gaming and non-gaming attractions.
Aside from its casino ambitions, IEC also holds the rights to run land-based live poker events and poker rooms across Asia, including in Macau, Japan, South Korea, Vietnam, Singapore, Malaysia and Cambodia, under the PokerStars brand.