International Entertainment ‘still reviewing’ Suncity deal

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International Entertainment Corp. saw its shares soar by nearly 20 per cent yesterday while the company noted that it was still reviewing its position in relation to the possible acquisition of 70 per cent of economic interest in Macau’s major VIP gaming investor Suncity International Holdings Ltd. International Entertainment, the company controlled by the Hong Kong billionaire Cheng Yu Tung, saw its shares rise by 19.54 per cent to close at HK$3.12 at noon yesterday. In an announcement filed with the Hong Kong Stock Exchange after trading hours yesterday, the company noted that it was not ‘aware of any reasons’ for the increases seen in the share price and trading volume of the shares. International Entertainment has seen its shares fluctuate wildly in the past three days: its shares rose by as much as 50.87 per cent upon closing of trade on Tuesday after falling 19 per cent the previous day. In the announcement filed yesterday – the same day when International Entertainment’s exclusivity period for buying 70 per cent economic interest in Suncity expired – the Hong Kong-listed company said it had no intention of extending a new deadline although noting that it was still reviewing the possible acquisition in Suncity. ‘The directors wish to emphasise that no definitive agreement in relation to the possible acquisition has been entered into by the company or any of its subsidiaries with any party as at the date of this announcement”, International Entertainment stated in the filing. S.L.