IEC chairman no longer substantial shareholder

Choi Chiu Fai Stanley has reduced his stake in the company to 4.87 per cent.

The Philippines.- Chiu Fai Stanley, International Entertainment Corp’s (IEC) chairman, had entered into a placing agreement with Head & Shoulders Securities Limited for a maximum of 190,000,000 Shares. The shares represent approximately 13.88 per cent of the total issued shares of the company held by Chiu Fai Stanley with a price of HK$0.29 per Placing Share.

The news comes a month after Choi’s Brighten Path company sold 8.66 per cent of the company’s share capital for about HK$40m (US$5.2m).Choi Chiu Fai Stanley has now reduced his stake in the company from 18.75 per cent to just 4.87 per cent. As such, Brighten Path is no longer a substantial shareholder of the company.

IEC appoints Chan Chun Lam as chief financial officer

International Entertainment Corp. has announced Lee Chi Wai has tendered his resignation as the chief financial officer of the company due to his career development.

In the statement, the company said Lee has confirmed that he has no disagreement with the board and “there is no matter which needs to be brought to the attention of the shareholders of the company in respect of his resignation”. IEC also confirmed Chan Chun Lam as the new Chief Financial Officer of the company.