HONG Kong-based Tiger Resort Asia Ltd. on Monday said it was successful in its backdoor listing bid at the Philippine Stock Exchange (PSE).
In its disclosure, the company that owns the local operator of Okada Manila in Entertainment City in Parañaque said it concluded the share-purchase agreement of certain shareholders of Asiabest Group International Inc.
“The share-purchase agreement is deemed concluded as of today, February 4, 2019, based upon the information received by the corporation that the shareholders who signed the share-purchase agreement with Tiger Resort Asia Ltd. on September 10, 2018, have transferred/crossed their shares to Tiger via aspecial block sale,” it said.
“As a result, Tiger now owns 200 million shares or 66.67 percent of ABG [Asiabest],” it said.
The deal is worth P646.5 million.
“A scheduled board of directors’ meeting will be held to elect a new board to be chosen by Tiger,” it said.
Japan’s gambling magnate Kazuo Okada earlier s asked the PSE to block the backdoor listing of Tiger Resort, saying that allowing it would be detrimental to the interest of the investing public.
In his letter to the PSE sent through his lawyers, dated January 11, Okada said the ownership of all his companies, including that of the local company that operates Okada Manila, should be settled first before any backdoor listing could occur.