Inventive Star, the controlling shareholder of Imperial Pacific International (IPI), is disposing of around 4.9 percent of the issued share capital of the company, bringing its total stake in IPI to around 58.6 percent.
IPI is the operator behind the Imperial Pacific Hotel & Resort, located in Saipan. No reason was given for the disposal.
Earlier this week, IPI Vice-President for Construction Eric Poon told local media that he expects Phase 1 of the resort hotel construction to be completed by December 31 this year.
Poon also noted that the next three phases are expected to be completed a year later, by December 31, 2020.
The company has recently become involved in an investigation involving IPI and Gov. Ralph DLG Torres – with relation to cash transactions and/or donations to the governor and his friends in 2013 and beyond.
IPI has also been battling with worker disagreements. Last month, IPI had 314 Taiwanese and 150 Mongolian construction workers – but most of the Taiwanese workers have already left due to a wage dispute.