IEC chairman reduces stake to 18.75%

Choi Chiu Fai Stanley, International Entertainment Corp’s (IEC) chairman has sold 8.66 per cent of the company’s share capital for about HK$40m (US$5.2m).

The Philippines.- International Entertainment’s chairman Choi Chiu Fai Stanley has reduced his stake in the company from 27.4 per cent to 18.75 per cent. The chairman sold off about 8.66 per cent of the company’s share capital for about HK$40m ($5.2m). The sale comes after the company said Choi’s Brighten Path company would sell shares worth about 20 per cent of the total.

The company has sold 27.5m shares to an unidentified third party with no links with the operator and 91m shares on the open market. The first lot went for $0.30 per share and the second at $0.35 on average.

In March, Choi transferred 260m shares – 18.99 per cent of the company – to a company owned by IEC’s chief executive officer Ho Wong Meng.