With Universal Entertainment’s local partnership issues all but resolved in the Philippines, real estate development company Empire East saw fit to remove itself from the equation, paving the way for Universal to now go to bed with Century Properties Group.
Don’t feel too bad for Empire East, though, because according to its owner Andrew Tan, the decision to pulled of the joint venture with Universal came not so much because it was pushed into the sidelines, but as a result of “careful consideration of severable variables affecting such a venture”.
That was decision reached by Tan and the rest of the company’s board after its attention was called by “various sectors”, including its public shareholders, on potentially involving itself with a company that’s currently facing allegations in the Philippines for violating the country’s Anti-Dummy Law and the Foreign Investments Act of 1991.
All that baggage proved to be too much for Empire East to handle and so, some of Empire East’s shareholders weren’t too comfortable in pursuing the Universal partnership, thus the decision to call an audible and step down on its collaboration with Universal’s Philippine subsidiary, Tiger Resorts Leisure and Entertainment Corporation.
With the deal now off the table, the proposed partnership that called for the development of a Php 45-billion luxury residential resort condominium complex has now gone up in smoke with Century Properties taking the mantle from Empire East as Universal Entertainment’s local bosom buddy.
Just don’t give Empire East flak for doing so, because in its eyes, it was the right business decision.
“Given the precarious situation this may present to such a joint venture, it was decided that it is best to withdraw from any further discussions with the Okada group,” the company said.
