{"id":26618,"date":"2022-01-26T08:56:36","date_gmt":"2022-01-26T11:56:36","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=26618"},"modified":"2026-04-23T11:54:49","modified_gmt":"2026-04-23T14:54:49","slug":"iec-chairman-no-longer-substantial-shareholder","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/iec-chairman-no-longer-substantial-shareholder","title":{"rendered":"IEC chairman no longer substantial shareholder"},"content":{"rendered":"\n<p>Choi Chiu Fai Stanley has reduced his stake in the company to 4.87 per cent.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The Philippines.- Chiu Fai Stanley, International Entertainment Corp\u2019s (IEC) chairman, had entered into<strong>\u00a0a placing agreement with Head &amp; Shoulders Securities Limited<\/strong>\u00a0for 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\u00a0<strong>price of HK$0.29 per Placing Share<\/strong>.<\/p>\n\n\n\n<p>The news comes a month after\u00a0<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/iec-chairman-reduces-stake-to-18-75\">Choi\u2019s Brighten Path company<\/a>\u00a0sold 8.66 per cent of the company\u2019s share capital for about HK$40m (US$5.2m).Choi Chiu Fai Stanley has now reduced his stake in the company\u00a0<strong>from 18.75 per cent to just 4.87 per cent<\/strong>. As such, Brighten Path is no longer a substantial shareholder of the company.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">IEC appoints Chan Chun Lam as chief financial officer<\/h2>\n\n\n\n<p><a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/iec-appoints-chan-chun-lam-as-chief-financial-officer\" rel=\"noreferrer noopener\">International Entertainment Corp.<\/a>&nbsp;has announced&nbsp;<strong>Lee Chi Wai&nbsp;<\/strong>has tendered his resignation as the chief financial officer of the company due to his career development.<\/p>\n\n\n\n<p>In the statement, the company said<strong>\u00a0Lee has confirmed that he has no disagreement with the board<\/strong>\u00a0and \u201cthere is no matter which needs to be brought to the attention of the shareholders of the company in respect of his resignation\u201d. IEC also confirmed<strong>\u00a0Chan Chun Lam as the new Chief Financial Officer<\/strong>\u00a0of the company.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Choi Chiu Fai Stanley has reduced his stake in the company to 4.87 per cent.<\/p>\n","protected":false},"author":176,"featured_media":26652,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Choi Chiu Fai Stanley, Chairman of International Entertainment Corp (IEC), has significantly reduced his stake from 18.75% to 4.87% through a placing agreement and a prior share sale, ceasing to be a substantial shareholder. Concurrently, IEC announced the resignation of CFO Lee Chi Wai due to career development and the appointment of Chan Chun Lam as his successor.","focusai_entities":"Choi Chiu Fai Stanley, International Entertainment Corp, IEC, Head & Shoulders Securities Limited, Brighten Path, Lee Chi Wai, Chan Chun Lam","focusai_location":"Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (0.85), compliance_legal (0.8), operator_casino (0.7), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Stake Reduction Rationale?","query":"What is the strategic rationale behind Chairman Choi's substantial stake reduction in IEC, and how might this impact future capital allocation or M&A activities within its gaming verticals?"},{"label":"CFO Impact on Governance?","query":"How will the change in Chief Financial Officer affect IEC's financial reporting, capital structure management, and adherence to regulatory compliance and governance frameworks?"}],"footnotes":""},"categories":[157,16333],"tags":[20632,23727],"class_list":["post-26618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-iec","tag-international-entertainment-corp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26618","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=26618"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26618\/revisions"}],"predecessor-version":[{"id":26629,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26618\/revisions\/26629"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26652"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=26618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=26618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=26618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}