Okada Manila owner nearer to Philippine listing

Tiger Resort Asia Limited (TRAL), which owns the Okada Manila hotel and casino resort, is closer to being listed at the Philippine Stock Exchange (PSE) through a majority-owned company.

In a filing, Asiabest Group International Inc. (ABG), purchased last September by TRAL, announced that the PSE “effected the lifting of the foreign ownership restriction” on the company. ABG had pointed out that it was “not subject to foreign ownership restrictions considering that it is no longer engaged in the construction business and currently operates as a holding company.” Construction is one industry among many where foreign ownership is limited by the Philippine Constitution.

“It is confirmed that the previous foreign ownership restriction on Asiabest has been lifted by the PSE effective 7 November 2018 and as such, the shares of stock of the Company can be wholly or 100% owned by foreign nationals,” ABG said.

TRAL is owned by Japan-based Universal Entertainment Corp. (UEC). It had purchased 200 million shares, about two-thirds of ABG, for approximately $12 million.

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