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Manila Bulletin devider Business devider The Stock Market devider Ferronoux revises Okada Manila deal down to ₱1.5 billion amid sector weakness

Ferronoux revises Okada Manila deal down to ₱1.5 billion amid sector weakness

Published Aug 3, 2026 07:49 pm
Amid weakness in the residential, tourism, and gaming sectors in the Entertainment City area, Ferronoux Holdings Inc. has scaled back its plan to buy three parcels of land worth ₱4.3 billion from the Okada Group, opting instead for a single parcel valued at ₱1.5 billion.
Ferronoux disclosed the revised terms of the property-for-share swap with Okada Manila affiliate Eagle I Landholdings, Inc. to the Philippine Stock Exchange, as part of the company's updated plan to increase its authorized capital stock and execute related transactions.
“The property-for-share swap with Eagle I now involves one parcel of land of Eagle I (with an area of 33,077 square meters, more or less, located at Manila Bay Resorts, Asiaworld City Blvd., Parañaque City, and a book value of approx. ₱1.5 billion), instead of three, in exchange for the issuance of at least 356 million common shares to be issued from the unissued and increased authorized capital stock of the Company,” Ferronoux stated.
The 356 million shares are priced at approximately ₱4.26 per share and will be exchanged for the single land parcel based on its book value. Full implementation of the transaction is expected by the first quarter of 2027.
The company noted that the original plan to acquire three land parcels—approved by the Ferronoux Board of Directors on December 18, 2024, and by its shareholders on March 19, 2025—was never implemented “due to supervening events.”
The revised transaction remains subject to shareholder approval, as well as approval from the Securities and Exchange Commission (SEC) for the capital stock increase and valuation confirmation. Ferronoux has scheduled a shareholders’ meeting for August 25, 2026, to seek approval for the transaction and the capital increase.
Earlier disclosures noted that a portion of the property originally targeted was housing support facilities for the Okada casino complex, which were meant to be vacated once construction of the master-planned development began.
Ferronoux and Eagle I intend to jointly develop the property to realize its full potential by tapping into Ferronoux’s resources, including its ability to raise public funds.
The firm’s strategy involves identifying and acquiring prime real estate assets, conducting comprehensive market analyses, and developing projects aligned with current demand and growth opportunities. It also plans to implement sustainable master planning that integrates eco-friendly designs, efficient resource management, and innovative solutions for long-term community well-being.
A primary focus will be mixed-use developments combining residential, commercial, and recreational spaces to create vibrant, self-sustaining communities. To bolster its portfolio, the company will actively explore partnerships with global hospitality players and investors to incorporate hotel and resort elements, while collaborating with local and regional developers, investors, and construction firms to accelerate project execution starting in 2026.

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Okada Manila Ferronoux Holdings Inc.
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