Okada Manila’s Operator Halts Plans for Philippine Stock Exchange Listing

Universal Entertainment, the operator of Okada Manila, announced that its subsidiary, Tiger Resort, Leisure, and Entertainment Inc. (TRLEI), has decided against pursuing a listing on the Philippine Stock Exchange (PSE).

The decision follows years of strong financial performance by Okada Manila, leading the company to conclude that listing through Asiabest Group International Inc. (ABG) is no longer necessary. Previously, Tiger Resort Asia Limited (TRA), another subsidiary, had acquired shares in ABG as part of its plan to list. However, the company has now opted to sell its 66.6% stake in ABG to Premiumlands Corp., a real estate developer based in Metro Manila. The transaction is valued at PHP510.4 million ($8.8 million).

Universal Entertainment clarified that this move will not impact its consolidated financial results for the fiscal year ending December 2024, as the transfer of shares is scheduled for fiscal 2025. The company also stated that it remains open to the possibility of listing TRLEI in the future and will announce any such plans promptly.

This isn’t Universal’s first attempt at a public listing. The company previously partnered with U.S.-based SPAC 26 Capital to list on NASDAQ. That deal, however, fell through, leading to the SPAC’s liquidation and deregistration as a listed entity.

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