TOKYO-LISTED Universal Entertainment Corp., the parent company of both Tiger Resort Asia Ltd. (TRA) and Tiger Resort, Leisure and Entertainment Inc. (TRLEI), announced over the weekend that it was no longer eyeing a backdoor listing for TRLEI, operator of the integrated resort Okada Manila.
TOKYO-LISTED Universal Entertainment Corp., the parent company of both Tiger Resort Asia Ltd. and Tiger Resort, Leisure and Entertainment Inc. , announced over the weekend that it was no longer eyeing a backdoor listing for TRLEI, operator of the integrated resort Okada Manila.TRA last week sold its entire 66.67-percent stake in Asiabest Group International Inc. , an existing Philippine-listed company, to a consortium led by PremiumLands Corp. for an undisclosed amount.
Okada Manila was reported earlier this year to be considering an initial public offering in 2025 instead of a backdoor listing, with the IPO estimated to be in the range of $500 million to $750 million.PSE President and CEO Ramon Monzon confirmed in a Bloomberg interview last month that Okada's legal advisor had informed the bourse that they had decided to defer the planned IPO.The deal, Universal said, will have no impact on consolidated financial results for the fiscal year ending Dec.
Drops Backdoor Listing For Okada Operator
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