The operator of Okada Manila, Universal Entertainment, has announced that its subsidiary Tiger Resort, Leisure and Entertainment (TRLEI) will not be seeking a listing on the Philippine Stock Exchange.
According to a filing on December 6th, Tiger Resort Asia Limited (TRA) had purchased shares of Asiabest Group International Inc (ABG) with the intent of listing.
However, as the financial performance of Okada Manila ‘have been growing steadily and performing well in the past years’, the company ‘judged that the necessity for ABG for TRLEI to be listed no longer exists’.
The company has decided to sell its shares in ABG to Premiumlands Corp, a Metro Manila-based real estate developer.
The total transaction value is PHP510.4 million ($8.8 million), involving 66.6 percent of the shares in ABG.
The group indicates that the sale ‘will have no impact on the Company’s consolidated financial results for the fiscal year ending December 31st, 2024 as the execution date of the transfer of shares is scheduled in the fiscal year ending December, 2025’.
The group indicates that if it does have plans for publicly listing TRLEI in the future it ‘will promptly provide notification’.
This isn’t the first time that Universal has pursued a listing, previously linking up with US-based Special Purpose Acquisition Company (SPAC) 26 Capital, a NASDAQ-listed company.
The deal fell through, with the company being liquidated and terminating its registration as a listed entity.
