Choi Chiu Fai Stanley, International Entertainment Corp\u2019s (IEC) chairman, intends to dispose of an aggregate of 273.8m shares, which represents about 20 per cent of the company\u2019s stock.<\/p>\n\n\n\n\n\n\n\n
The Philippines.-\u00a0International Entertainment Corp (IEC)<\/strong>\u00a0has 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\u2019s 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.<\/p>\n\n\n\n In March\u00a0<\/strong>Choi transferred 260m shares<\/a>\u00a0\u2013 18.99 per cent of the company \u2013\u00a0to a company owned by IEC\u2019s chief executive officer\u00a0<\/strong>Ho Wong Meng<\/a>. <\/p>\n\n\n\n IEC has recently received a signed\u00a0Cooperation Agreement<\/a>\u00a0from 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\u00a0enhanced community quarantine<\/a>\u00a0(ECQ) imposed in Manila between August 6 to August 21.<\/p>\n\n\n\n IEC\u2019s New Coast Hotel will feature 250 gaming tables, 100 junket tables, 1,600 slot machines <\/strong>and 800 5-star luxury hotel rooms, as well as restaurants, leisure facilities and shopping arcades.<\/p>\n\n\n\n According to the company filing, IEC’s\u00a0<\/strong>subsidiary Marina Square Properties (MSPI)\u00a0and PAGCOR will establish a joint management committee\u00a0<\/strong>as a governing body for the management and operations of the casino and will immediately commence casino operations.<\/p>\n","protected":false},"excerpt":{"rendered":" Choi Chiu Fai Stanley, International Entertainment Corp\u2019s (IEC) chairman, intends to dispose of an aggregate of 273.8m shares, which represents about 20 per cent of the company\u2019s stock.<\/p>\n","protected":false},"author":176,"featured_media":25295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"International Entertainment Corp (IEC) chairman, Choi Chiu Fai Stanley, is divesting a significant stake in the company, following previous share transfers. Concurrently, IEC has secured a Cooperation Agreement with PAGCOR for the development of its New Coast Hotel integrated resort in Manila, featuring extensive gaming and hospitality facilities, with operations to be managed by a joint committee.","focusai_entities":"Choi Chiu Fai Stanley, International Entertainment Corp, IEC, Brighten Path Limited, Ho Wong Meng, PAGCOR, Marina Square Properties, MSPI","focusai_location":"The Philippines, Manila","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.85), operator_casino (0.95), payments_fraud_aml (0.75), investor_analyst (0.98), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Chairman's Disposal Rationale?","query":"What is the strategic rationale behind the chairman's substantial share disposals, and how might this impact IEC's future governance structure and capital allocation strategy?"},{"label":"PAGCOR Agreement Terms?","query":"What are the specific commercial and regulatory terms of the Cooperation Agreement with PAGCOR, particularly regarding revenue share, operational autonomy, and the governance framework of the joint management committee?"}],"footnotes":""},"categories":[163,158],"tags":[20632],"class_list":["post-25274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-slider-home","tag-iec"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=25274"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25274\/revisions"}],"predecessor-version":[{"id":25282,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25274\/revisions\/25282"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25295"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=25274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=25274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=25274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}