Stanley Choi Chiu Fai has resigned as executive director to focus on other business commitments.
The Philippines.- International Entertainment Corp (IEC) has reported that Stanley Choi Chiu Fai has stepped down as executive director of the company to devote more time to other business commitments which require more of his attention.
According to the company filing, Choi has no disagreement with the board and there are no matters relating to his resignation that need to be brought to the attention of the shareholders. In January, Choi entered into a placing agreement with Head & Shoulders Securities Limited for a maximum of 190,000,000 Shares, reducing his stake in the company from 18.75 per cent to just 4.87 per cent.
IEC has also confirmed that Aurelio Jr. Dizon Tablante has been appointed as executive director with effect from April 1. Tablante was the senior vice-president of Marina Square Properties, Inc., an indirect subsidiary of the company. He was also the president of each of the company’s three indirect subsidiaries – Harbor View Properties and Holdings, Inc., Blue Marine Properties, Inc. and Pacific Bayview Properties, Inc.
Meanwhile, Eugene Ha Kee Choy has resigned as independent non-executive director “to devote more time to his other business commitments which require more of his attention and dedication.”
IEC still negotiating terms of provisional gaming licence with PAGCOR
As Focus Gaming News previously reported, IEC has revealed through a company filing that it is still negotiating with the Philippine Amusement and Gaming Corporation (PAGCOR) over the terms of its temporary gaming licence to operate a casino in Manila. IEC said it debating the scope and timeline for its IR development and has yet to find suitable land.
Last July, the company announced it had entered into a cooperation agreement with PAGCOR for the development of its New Coast Hotel property in Manila. The resort 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.