GGRAsia – Okada Manila Philippine listing entity still plans offering

Okada Manila Philippine listing entity still plans offering

Dec 30, 2021 Newsdesk Latest News, Philippines, Top of the deck

Asiabest Group International Inc, a Philippines-listed firm to be used as a vehicle to help Japanese conglomerate Universal Entertainment Corp get a listing in the Philippines for its Okada Manila casino resort, said on Wednesday it would still go ahead with its own public offering for that process. Separately, the Okada Manila business is soon to be listed in the United States.

Universal Entertainment had announced in February 2019 it had completed the acquisition of a 66.6-percent stake in Asiabest, “to facilitate the listing of shares” in its unit Tiger Resort, Leisure and Entertainment Inc on the Philippine Stock Exchange.

Asiabest stated on Wednesday that its own parent company had said the imminent U.S. listing of the Okada Manila entity – Okada Manila International Inc, due to occur by the end of June next year – “does not affect” the plans of Asiabest’s owners “to commercially operate Asiabest”.

Asiabest added: “The plans had just been delayed primarily because of the pandemic which has affected most, if not all industries, and more so the resort, leisure and entertainment industry.”

The Philippine-listed firm further stated it had been “informed by its parent companies that the plan to fold-in operations of Okada Manila still remain and that they intend to commence commercial operations in the ensuing year and conduct the required public offering” in the Philippines.

Asiabest said it would give the Philippine bourse “more detailed information within the first quarter of 2022”.

Regarding the planned U.S. listing for Okada Manila, Universal Entertainment had said in a December 10 statement, that its subsidiary Okada Manila International would file that day a registration statement with the U.S. Securities and Exchange Commission, to proceed with the merger of Okada Manila with U.S.-listed 26 Capital Acquisition Corp, a special-purpose acquisition company or ‘SPAC’.