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IEC chairman sells 19% stake in company

Choi's stake in the company will reduce to 36.83 per cent.
Choi's stake in the company will reduce to 36.83 per cent.

No reason was given for the sale, which is worth HK$228.8m.

Philippines.- International Entertainment Corp’s (IEC) chairman Stanley Choi has transferred 260m shares – 18.99 per cent of the company – to a company owned by IEC’s chief executive officer Ho Wong Meng.

The transaction means Choi’s financial service company Brighten Path Limited will reduce its stake in IEC from 55.82 per cent to 36.83 per cent. The shares sold are worth HK$228.8m.

Choi, a renowned poker player, gave no reason for the transaction.

The company reported a loss attributable to owners of HK$91.1m (US$11.7m) for the six months to 31 December 2020.

Ho became IEC’s CEO in September 2020, after Chan Chun Yiu stepped down due to increasing personal and business commitments. As well as his position at IEC, Ho is executive chairman of Frontier Capital Group.

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IEC International Entertainment Corp.