Looks like Japanese casino mogul Kazuo Okada has kept Universal Entertainment Corp in the dark regarding his plan to list Okada Manila in the Philippine Stock Exchange (PSE) through a back door.
In a regulatory filing, the Japanese gaming conglomerate said the company is unaware of Okada’s plans to acquire Philippine-listed holding firm Bright Kindle Resources and Investments Inc. (BKR) for the prospective backdoor listing of Tiger Resort, Leisure & Entertainment Inc (TRLEI).
“There was an overseas media coverage (Philippine Daily Inquirer) stating that Mr. Kazuo Okada, former Chairman and Director of Universal Entertainment Corporation (hereinafter referred to as the “Company”), will acquire the management rights of a listed company in the Philippines in an attempt to merge Okada Manila, an integrated casino resort project of the Company, into the company,” Universal said. “However, the Company is not aware of any such actions by him.”
Last Monday, the Philippine Daily Inquirer reported that the acquisition of BKR will take place in the next few weeks, “barring unforeseen event.” The report added that the actual infusion of the gaming business into the listing vehicle could take about two years.
But Universal pointed out that the ex-Universal chairman may not decide on Okada Manila’s listing in the PSE since he’s no longer the director of TRLEI.
In June, Okada was kicked off the board of the Manila casino that bears his name as the investigation into the supposed JPY2 billion (US$18.15 million) illegal fund outflows in Universal Entertainment Corp. drags on.
Okada resigned as a director of TRLEI and Universal on June 16 and 29, 2017, respectively.
Justice Manuel Lazaro replaced Okada as the chairman of Tiger Resort, while Kenji Sugiyama was elected as the casino operator’s president. Antonio Cojuangco, Rey David and Steve Wolstenholme remain as Directors.
Moving forward, Universal said that it is still reviewing the possibility of TRLEI’s initial public offering in the PSE.
