IPI controlling shareholder reduces stake in the casino company
The controlling shareholder of Imperial Pacific International, a company known as Inventive Star Limited, has entered into a disposal contract with a third-party to sell around 14 billion shares of IPI.
Inventive Star Limited currently owns approximately 63.5 percent of the issued share capital in IPI.
Following the disposal to Guan Lim Capital Holdings Group, Inventive Star will own 53.7 percent in the Saipan casino operator.
Inventive Star said that all proceeds of the disposal will be offered as loans to IPI to expand the construction and development of its Saipan casino.
Singapore police have busted at least two illegal gambling operations in the past week, while across Asia authorities have moved to stamp out illicit activities, from raids on premier league matches in India, to illegal number forecasting in Malaysia.