Japanese gaming giant Universal Entertainment Corp. is taking its Philippines-based casino firm Tiger Resort Asia Ltd. public through the acquisition of a vast majority stake at a business listed on the Philippine Stock Exchange.
Manila-based holding firm Asiabest Group International announced earlier today that it has inked an agreement with Tiger Resort under which the casino operator could obtain two-thirds in Asiabest for the amount of PHP46.5 million (approximately $12 million). Tiger Resorts owns and operates Okada Manila, a $2.4 billion integrated resort located in the center of the Philippine capital.
The transfer will allow the casino operator to combine the Philippine Stock Exchange through the so-called backend listing practice. A block sale is set to take effect on November 12. Tiger Resort wouldn’t be the primary casino firm with company in the Philippines to be taken public through backdoor listing. Bloomberry, the proprietor of Solaire Resort & Casino, combined the local bourse through backdoor list back in 2012.
Melco Resorts & Entertainment had its Manila-based surgeries recorded on the Philippine Stock Exchange via a listing automobile. Melco functions the City of Dreams Manila integrated resort. The business actually announced yesterday that it intends to delist in the Philippine Stock Exchange as it has failed to elevated enough capital for expansion of its local operation.
News about Tiger Resort’s possibly joining the local stock exchange first surfaced last October when it was reported the company was entering the final stages of negotiations within the buy of local firm Bright Kindle Resources and Investments Inc. But a deal didn’t occur.
Founder Sues Tiger
In separate round of information from yesterday, it became known that Tiger’s founder and former CEO and Chairman, Japanese businessman Kazuo Okada, is suing the firm and is looking to be reinstated as shareholder, director Chairman, and Chief Executive of the business.
Mr. Okada landed in hot water last year. Mr. Okada was later on ousted in the board of Tiger Resort over the very same allegations.
An attorney for the casino tycoon affirmed Monday that he had filed a lawsuit from Parañaque City Regional Trial Court, seeking to reassume his articles in the hospitality and gaming company. Mr. Okada has reportedly reached out to his son, Tomohiro, requesting him to resolve the ongoing family feud that was triggered by Mr. Okada’s ouster from his businesses and also to serve the interests of the family not of the “unscrupulous” individuals behind the coup against the Western businessman.
Based on reports from this past year, Mr. Okada was detained in Hong Kong on fraud charges. The reports were dismissed as false by the businessman’therefore attorney.
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