Asiabest Group International, a Philippines-listed entity linked to the operator of the Okada Manila casino resort in Manila, says there is “no definite plan or decision to do an initial public offering (IPO) of Okada Manila.”
The comment was in a clarification to the Philippine Stock Exchange on Wednesday. It followed an article published by InsiderPH, which said the promoter of Okada Manila was planning an IPO in the Philippines, worth between $500 million and $750 million.
For its part Asiabest stated: “We wish to clarify that as of this time, there is no definite plan or decision to do an initial public offering of Okada Manila.” It added: “Asiabest does not expect or anticipate any effects on the business, financial condition or operations of Asiabest.”
Philippines-based Tiger Resort, Leisure and Entertainment is responsible for the operations of Okada Manila. The company is a subsidiary of Japanese conglomerate Universal Entertainment.
The casino was the target of a highly contentious and ultimately failed acquisition by 26 Capital. The deal collapsed when Universal Entertainment pulled out, triggering a flurry of lawsuits. 26 Capital liquidated last September. Read more.
