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Imperial Pacific International told to delist from HKSE on February 22nd

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A Listing Review Committee from the Hong Kong Stock Exchange has decided in favor of delisting Imperial Pacific International, with the group being told its share-listing capacity would end on February 22nd.

According to a dispatch issued by the company, IPI described the decision made on February 7th as ‘disappointing to the shareholders and the company as a whole’, with the company now to seek legal advice on how to apply to obtain leave from the High Court of Hong Kong for judicial review against this decision.

However, even if a judicial review is conducted this does not mean the company will not be delisted, since the Hong Kong High Court may or may not grant leave for the judicial review, and even if leave is granted, the judicial review may or may not succeed.

A later filing with the stock exchange revealed that the Hong Kong Stock Exchange advised the company that ‘the last day of listing of the Shares will be 21 February 2024 and the listing of the Shares will be cancelled with effect from 9:00 a.m. on 22 February 2024.’

Trading of shares by IPI was suspended since April of 2022, with multiple winding-up procedures leveled against it involving millions of dollars in claims by investors in courts from the United States to Hong Kong.

IPI is also facing uncertainty over its future due to some $62 million it allegedly owes in casino license fees to the Commonwealth of Northern Mariana Islands (CNMI), relating to almost four years of its annual casino license fees.

Nelson Moura
Nelson Mourahttp://agbrief.com
Editor and reporter with 10 years of experience in Greater China, namely Taiwan and Macau, in printed and online media, with a focus on finance, gaming, politics, crime, business and social issues.

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