The company has opted to sell shares in ABG to Premiumlands Corp.
The Philippines.- Universal Entertainment, the parent of Okada Manila casino resort, has said that its subsidiary Tiger Resort, Leisure and Entertainment (TRLEI) will not seek listing on the Philippine Stock Exchange (PSE). In a filing dated December 6, it said that Tiger Resort Asia Limited (TRA) had acquired shares of Asiabest Group International Inc (ABG) with plans for a listing but that given the improved financial performance of Okada Manila “the necessity of ABG for TRLEI to be listed no longer exists.”
The company has opted to sell its shares in ABG to Premiumlands Corp, a real estate developer based in Metro Manila. The value of the transaction is PHP510.4m (US$8.8m) for 66.6 per cent of the shares in ABG. The company said the sale will have no impact on its consolidated financial results for the fiscal year ending December 31, 2024 as the execution date is scheduled for next year.
A merger agreement with 26 Capital Acquisition Corp announced in October 2021 was intended to allow Universal to list on the Nasdaq and combine Universal with its Philippine subsidiary Tiger Resorts Asia. However, Universal Entertainment called off the agreement, accusing 26 Capital of disregarding SEC laws and misleading investors.
Universal Entertainment Corp expects a net loss of JPY18.30bn (US$116.9m) for the year. The Japanese firm has said that it will not pay a year-end dividend.
