Backdoor listing of Okada Manila owner underway

Published September 23, 2018, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Asiabest Group International, Inc. reported that control of the company has changed hands with the completion of a share purchase agreement allowing Tiger Resort Asia Limited to gain control of two-thirds of the listed firm.

In a disclosure to the Philippine Stock Exchange, ABG said Tiger acquired 200 million ABG shares for P646.5 million or P3.2325 per share and intends to use it for the backdoor listing of Tiger Resort Leisure & Entertainment, Inc. (TRLEI), which owns and operate the Okada Manila integrated casino and resort complex.

Controversial Japanese gaming tycoon Kazuo Okada warned that he will be blocking the planned backdoor listing of TRLEI through ABG.

According to Okada, who owns 34.41 percent beneficial interest in both Tiger Asia and TRLEI, he was never consulted about Tiger Asia’s intended purchase of two-thirds stake in ABG.

Okada warned that he will file appropriate criminal, civil and administrative cases against those responsible for entering into the reported illegal Share Purchase Agreement.