Share prices force IPI executive director to sell

Cui Li Jie remains IPI’s main stakeholder. Less than 2 per cent of issued capital has changed hands.

Hong Kong.- A recent fall in Imperial Pacific International (IPI) stock prices have forced its executive director and majority shareholder Cui Li Jie to divest in the casino operator.

IPI has made a voluntary announcement to the Hong Kong Stock Exchange saying it had been notified of the change by Inventive Star Limited, a company wholly-owned by Jie, which made the recent sale of stocks.

Inventive Star said the trading price of IPI’s shares has dropped and “triggered the enforcement of margin financing. ” There were forced sales of an aggregate of 72,000,000 shares, representing approximately 0.05 per cent of IPI’s issued capital.

Inventive Star also sold another 2,132,600,000 shares from its stake in the Saipan casino operator, representing another 1.49 per cent of its capital.  

The firm said that as a result of these two operations, Inventive Star’s stake in IPI was lowered from 63.47 per cent to 61.93 per cent, meaning it remains the controlling stakeholder.

IPI shares hit a low of HK$0.010 (US$0.001) as of Sunday night, having fallen from a high of HK$0.101 (US$0.013) on January 9.

IPI has been fighting several legal battles with providers as well as the Northern Mariana Islands’ government in relation to the construction of its Saipan integrated resort.

Executives were recently accused of infringing labour laws, although the company has siad it has no connection to the accusations.