Okada Manila owner buys ABG for backdoor-listing

Okada Manila developer and owner Tiger Resort Asia Ltd. has finalized a deal to buy two-thirds control of listed holding firm Asiabest Group International Inc., gaining a backdoor-listing ticket to the local stock market, for P646.5 million.

In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, ABG said a group of its shareholders agreed to sell 200 million of the holding firm’s shares to Tiger Resort Asia.

Tiger Resort Asia is a Hong Kong corporation and is currently the majority shareholder of Tiger Resort, Leisure and Entertainment Inc. doing business under the name and style of Okada Manila.

The sale is targeted to be effected by way of special block sale through the PSE on Nov. 12 or at a date which may be mutually agreed upon by the parties.

“Soon after this agreement, Tiger shall conduct a tender offer to be completed prior to closing date,” the disclosure said.

The PSE, for its part, said that this transaction was covered by the rules on backdoor listing.

As such, the PSE implemented a trading suspension on ABG shares effective at 9 a.m. on Tuesday pending the submission of a comprehensive disclosure.

The Inquirer wrote about the backdoor-listing transaction through ABG on Monday. /jpv

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