Hong Kong-listed International Entertainment said its Executive Director and Chairman Dr Stanley Choi is no longer considered a substantial shareholder in the group after selling down more of his stake.
Choi’s Brighten Path, through Head & Shoulders Securities, placed a total of 190 million shares, or 13.88 percent, of the company, to third-party investors. The stock was sold at about HK$0.29 a share.
Brighten Path now owns just 4.87 percent of International Entertainment, which is planning to develop an integrated resort in Manila.
Choi has been selling down his stake in the company over the past year.