Universal Entertainment Corporation (UEC) has announced a further rescheduling of the execution date for the transfer of shares in Asiabest Group International Inc. (ABG) from its subsidiary, Tiger Resort Asia Limited (TRA), to PREMIUMLANDS CORP. (PLC), to the end of July.Â
ABG was originally acquired in 2018 to support the listing of another sub-subsidiary, Tiger Resort, Leisure and Entertainment, Inc. (TRLEI), on the Philippine Stock Exchange.Â
Due to the steady financial performance of Okada Manila, which TRLEI operates, TRA has concluded that ABG is no longer necessary for this listing, prompting a shift in its business strategy.
ABG is located in Makati City, Philippines, and primarily engages in real estate investment, with a capital of PHP300 million ($5.3 million). TRA holds 66.6 percent of ABG’s shares. The counterparty for this transaction, PREMIUMLANDS CORP., is also based in Makati City and focuses on real estate development, with a capital of PHP2 billion ($35.8 million).
The share transfer involves 200 million shares, representing 100 percent of ABG, with a transaction value of PHP510.4 million ($9.1 million). The new execution date for the transfer is now set for the end of July 2025, having been rescheduled from the end of May 2025.
The delay in finalizing this transfer is due to the ongoing process of lifting the suspension of trading on the Philippine Stock Exchange, which is necessary for completion. UEC has indicated that this rescheduling will not materially affect its consolidated financial results for the fiscal year ending December 31st, 2025.
