Minority shareholders of Asia Best Group Inc. opted to remain shareholders of the company amid the ownership dispute within Tiger Resorts Asia Ltd., the new majority shareholder of the company.
Asiabest said in a filing with the Securities and Exchange The First Resources Management Resources and Securities Corp., the agent of the mandatory tender offer, “did not receive and secure applications for tender offer from the company’s stockholders.”
The SEC earlier ordered TRAL, the operator of integrated resort and casino Okada Manila through unit Tiger Resort Leisure Entertainment Inc., to submit an amended tender offer to include the factual information regarding the ownership conflict to prevent any grave and irreparable damage to shareholders of Asiabest and the investing public.
The SEC also ordered TRAL to extend the tender offer by another 10 working daysthat ended January 9.
TRAL has offered to acquire the remaining 100 million common shares in Asiasbest held by minority investors at a price of P3.2325 apiece in line with its planned backdoor listing.
But the share price of Asiabest is currently trading at P26.40 per share on expectations Okada Manila would be folded into the company.
Okada Manila is the third integrated resort and casino to open in government-sponsored Pagcor Entertainment City after Bloomberry Resort’s Solaire Resort & Casino and Melco Crown’s City of Dreams.
TRAL is currently embroiled in an ownership dispute with Japanese casino tycoon Kazuo Okada.
Okada Holdings is the controlling shareholder of Japan’s Universal Entertainment Corp., which in turn is the 100-percent owner of TRAL that fully controls Treli, the operator of casino hotel Okada Manila.
Japanese pachinko billionaire and UEC founder Kazuo Okada and daughter Hiromi Okada earlier initiated civil and criminal proceedings in Hong Kong to regain control of Okada Holdings and secure criminal convictions for fraud and financial crimes against those responsible for his alleged illegal ouster as chairman of Okada Holdings, UEC, Tiger Resort and Okada Holdings in 2017.
Following the ownership dispute, Okada asked the Philippine Stock Exchange to block the planned backdoor listing of its gaming unit to protect the investing public.