Tiger Resort Asia Limited (TRA), the Philippines-based casino arm of Japan’s Universal Entertainment Corporation, has agreed to acquire a majority share in investment holding firm Asiabest Group International in order to complete a backdoor entry to the Philippine Stock Exchange.
In a Tuesday announcement, Universal said that TRA would acquire 200 million shares in Asiabest representing 66.6% of the company’s issued share capital for Php646.5 million (US$12 million), stating, “The purpose of acquiring the abovementioned shares is to locally list the shares of casino operating company in the Philippines.”
TRA operates Manila’s newest integrated resort, Okada Manila, located in the Entertainment City precinct in Paranaque.
The move is seen as a key step in raising fresh capital for Okada Manila, which held its soft opening in October 2016 but has yet to hold its grand opening due to a number of hotel rooms and other facilities still being finished.
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