No definite plan on Okada Manila IPO on PSE: Asiabest

May 29, 2024 Newsdesk Latest News, Philippines, Top of the deck  

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Asiabest Group International Inc, a Philippines-listed entity linked to the operator of the Okada Manila casino resort (pictured) in Manila, says there is is “no definite plan or decision to do an initial public offering (IPO) of Okada Manila”.

The comment was in a clarification to the Philippine Stock Exchange (PSE) on Wednesday. It followed an article published by local media outlet InsiderPH, which said the promoter of Okada Manila was planning an IPO in the Philippines, worth between US$500 million and US$750 million.

The report cited two unnamed sources respectively saying Okada Manila plans an IPO on the Philippine Stock Exchange by 2025.

For its part Asiabest stated: “We wish to clarify that as of this time, there is no definite plan or decision to do an initial public offering of Okada Manila.”

It added: “Asiabest does not expect or anticipate any effects on the business, financial condition or operations of Asiabest.”

Philippines-based Tiger Resort, Leisure and Entertainment Inc is responsible for the operations of Okada Manila. The company is a subsidiary of Japanese conglomerate Universal Entertainment Corp.

In early 2019, a unit of Universal Entertainment completed a tender offer for Asiabest, for what at the time was touted as a backdoor Philippines listing for Okada Manila.

Asiabest is chaired by Hajime Tokuda, currently the group president of Universal Entertainment. Byron Yip, Okada Manila’s president and chief operating officer, is also listed as one of the directors of Asiabest, showed corporate data.

Reports that Okada Manila is reviving its ambitions for a listing on the Philippine Stock Exchange come after earlier plans for a listing on the Nasdaq stock market in the United States – via a merger with 26 Capital Acquisition Corp, a special purpose acquisition company – fell through.

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