Tiger Resort, Leisure and Entertainment Inc. (TRLEI), the operator of the Okada Manila casino resort in the Philippines, has decided not to pursue its earlier plan for a backdoor listing of its shares. The announcement came via a filing on Friday from its parent company, Universal Entertainment Corp.
The plan to list TRLEI on the Philippine Stock Exchange (PSE) dates back to 2019. At the time, Tiger Resort Asia Ltd., another subsidiary of Universal Entertainment, acquired a controlling stake in Asiabest Group International Inc., a publicly listed firm in the Philippines. The move was intended to facilitate TRLEI’s listing through Asiabest. However, the latest filing clarified that this path is no longer necessary.
“Considering that the financial performance of Okada Manila, the integrated resort operated by TRLEI, has been growing steadily and performing well in the past years, Tiger Resort Asia have judged that the necessity of Asiabest for TRLEI to be listed no longer exists,” stated Universal Entertainment.
As part of a broader “business portfolio transformation,” Tiger Resort Asia is set to sell its 66.67 percent stake in Asiabest to PremiumLands Corp., a private real estate developer. The agreed sale price is PHP510.4 million (approximately US$8.8 million). Universal Entertainment confirmed that the transaction was finalized on December 5.
The Okada Manila resort, located in the Philippine capital, is one of the leading integrated casino resorts in the region. Operated by TRLEI, a subsidiary of the Japan-based Universal Entertainment, the property has experienced steady growth in recent years. This success likely influenced the decision to forego the backdoor listing route.
By selling its stake in Asiabest, Universal Entertainment aims to streamline its business operations and focus on its core assets. The parent company’s decision reflects a strategic shift as it continues to leverage Okada Manila’s solid performance and enhance its position in the integrated resort market.
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