Stanley Choi sells more shares in International Entertainment

Stanley Choi sells more shares in International Entertainment

International Entertainment Corp Chairman Stanley Choi Chiu Fai has sold off a further stake in the company – the third time since March he has disposed of a substantial interest.

According to details filed with the Hong Kong Stock Exchange on Monday, Brighten Path Limited, which is wholly-owned by Choi, has disposed of another 66 million shares at an average consideration of HK$0.40 per share, representing an aggregate of HK$26.4 million (US$3.9 million).

Choi, who acquired International Entertainment Corp in 2017, had previously held 55.82% of the company but sold off an 18.99% share to IEC’s Chief Executive Officer, Ho Wong Meng, in March for HK$228.8 million (US$29.4 million).

Earlier this month he sold off another 63 million shares for HK$24.6 million (US$3.2 million), reducing his interest to 32.23% before this latest transaction took his stake below 30%.

The transaction reduces his stake from 32.23% to 27.41% of issued share capital.

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