Tiger Resort Asia takes over Asiabest Group

Despite protests from its founder Japanese tycoon Kazuo Okada, the group in control of integrated gaming resort Okada Manila has completed a deal to take over 66.67 percent of dormant holding firm Asiabest Group Inc.

This is seen paving the way for the backdoor listing into the local stock exchange.

In a disclosure to the Philippine Stock Exchange on Monday, Asiabest said a share purchase agreement had been executed between certain shareholders, which include public shareholders and Hong Kong-based Tiger Resort Asia Ltd. (TRA).

The shares were transferred to the group via a special block sale.

As a result, Tiger now owns 200 million shares or 66.67 percent of Asiabest.

TRA is currently the majority shareholder of Tiger Resort, Leisure and Entertainment Inc. (TRLEI), which is doing business under Okada Manila.

TRA—headed by Okada’s estranged wife Takako Okada and Kenshi Asano—is 100-percent owned by Universal Entertainment Corp. (UEC) of Japan.

It has been reported that Kazuo Okada, in alliance with daughter Hiromi, was battling son Tomohiro and wife Takako in courts in various jurisdictions to regain control of the business.

On Jan. 6, a Parañaque court ordered the arrest of Kazuo Okada on allegations that he had embezzled $3.16 million in funds from the Okada Manila integrated casino resort.