Okada cautions PSE over SPA

September 20, 2018

Gaming tycoon Kazuo Okada has cautioned the Philippine Stock Exchange (PSE) regarding the share purchase agreement (SPA) recently entered into by Asiabest Group (ABG) International Inc. and Hong Kong-based Tiger Resort Asia Ltd.

In his September 13, 2018 letter to the stock exchange, Okada said the PSE must ensure transparency in the said transaction to properly inform the public and for him to take the needed action to protect his interest in Tiger Asia.

Okada asked the PSE to order ABG to fully disclose details of its agreement with Tiger Asia, owner of Tiger Resort Leisure & Entertainment, Inc. (TRLEI), operator of Okada Manila.

“ABG, as a publicly listed company, should make a full disclosure of its impending sale transaction with Tiger Asia, particularly that there is a legal controversy on Tiger Asia’s authority to enter into such transaction,” Okada said in a letter signed by his lawyers, Attys. Ramon Esguerra, Carlos Villaruz and Vivian Tan-Dela Cruz.

According to Okada, who owns 34.41 percent beneficial interest in both Tiger Asia and TRLEI, he was never consulted about Tiger Asia’s intended purchase of two-thirds (2/3) stake in ABG.

Okada warned that he will file appropriate criminal, civil and administrative cases against those responsible for entering into the reported illegal Share Purchase Agreement.

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