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Friday, March 29, 2024

PSE to lift trading suspension on ABG

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The Philippine Stock Exchange said it will lift the trading suspension on Asiabest Group International Inc. today after the company submitted a detailed disclosure on the planned backdoor listing of Tiger Resort, Leisure and Entertainment Inc., which owns and operates Okada Manila, an integrated resort and casino in Parañaque City.

The PSE said Asiabest would resume trading starting 9 a.m., after eight days of trading suspension. Shares of Asiabest were last traded on Sept. 10 when it closed at P41.10.

Asiabest said that its majority shareholders signed a share purchase agreement to sell 200 million common shares to Tiger Resort, representing two-thirds of the company’s total authorized capital stock at P3.2325 per share for the total of P646.5 million.

The selling shareholders were Sunplaza Development Corp., which owns 98.07 million shares and other public shareholders which own 83.6 million shares. Vittorio Paulo Lim also agreed to sell 18.32 million shares out of the 100.001 million shares he owns.

After the buy-in, Tiger Resorts will own a 66.67-percent stake in Asiabest while Lim’s ownership would be reduced to 27.22 percent. 

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