IEC chairman to sell more company shares
Choi Chiu Fai Stanley, International Entertainment Corp’s (IEC) chairman, intends to dispose of an aggregate of 273.8m shares, which represents about 20 per cent of the company’s stock.
The Philippines.- International Entertainment Corp (IEC) has reported that a company owned by its chairman, Choi Chiu Fai Stanley, is to sell about 20 per cent of the company’s shares. It comes after Choi’s financial service company Brighten Path Limited disposed of an aggregate of 129m shares, accounting for approximately 9.42 per cent of the company’s total issued share capital, in November.
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.
IEC has recently received a signed Cooperation Agreement from PAGCOR for the development of its New Coast Hotel property in Manila. The agreement is valid until March 31, 2031. It had been postponed due to the enhanced community quarantine (ECQ) imposed in Manila between August 6 to August 21.
IEC’s New Coast Hotel will feature 250 gaming tables, 100 junket tables, 1,600 slot machines and 800 5-star luxury hotel rooms, as well as restaurants, leisure facilities and shopping arcades.
According to the company filing, IEC’s subsidiary Marina Square Properties (MSPI) and PAGCOR will establish a joint management committee as a governing body for the management and operations of the casino and will immediately commence casino operations.
