Universal Sells Asiabest Stake to Focus on Okada Manila
### Key Takeaways
– Universal Entertainment Corp. has decided not to pursue the plan to list Tiger Resort, Leisure and Entertainment Inc. (TRLEI) on the stock exchange via Asiabest Group International Inc.
– Instead, its 66.67% stake in Asiabest will be sold to PremiumLands Corp.
– The sale is part of a strategic realignment, leveraging the strong performance of the Okada Manila resort.
###
Background: The Original Listing Plan
Back in 2019, Universal Entertainment Corp. planned to take TRLEI – the operator of the Okada Manila resort – public through a backdoor listing on the Philippine Stock Exchange (PSE). To achieve this, its subsidiary Tiger Resort Asia Ltd. acquired a majority stake in Asiabest Group International Inc., a listed company. The goal was to list TRLEI through Asiabest without undergoing a traditional initial public offering (IPO).
###
Why the Strategy Changed
According to a recent statement from Universal Entertainment Corp., this approach is no longer necessary. The strong financial performance of the Okada Manila resort in recent years has rendered the backdoor listing via Asiabest redundant. Instead, the company is focusing on other strategic initiatives.
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Universal Entertainment stated: “Given the stable and positive financial performance of Okada Manila, we have decided that Asiabest is no longer required for the listing of TRLEI.”
###
Sale of Asiabest Stake
As part of a broader “business portfolio transformation,” Tiger Resort Asia Ltd. is selling its 66.67% stake in Asiabest Group International Inc. to PremiumLands Corp., a private real estate developer. The purchase price is PHP 510.4 million, approximately USD 8.8 million. The sale was finalized on December 5, 2024.
###
Okada Manila: A Success Story
The Okada Manila resort, an integrated casino and hotel project in the Philippine capital, is one of the leading resorts in the region. It is operated by TRLEI, a subsidiary of Universal Entertainment. The resort’s consistently strong performance played a significant role in the decision to abandon the listing plans via Asiabest.
###
Strategic Realignment
With the sale of its stake in Asiabest, Universal Entertainment aims to streamline its business activities and focus on core areas. The emphasis is on further strengthening the Okada Manila resort and enhancing its market position in the integrated resorts sector. This decision reflects a strategic approach to efficiently allocate resources and capitalize on the resort’s proven success.
###
Our Assessment
Universal Entertainment’s decision demonstrates the company’s ability to adapt to market conditions and refine its strategy. The move to forego the backdoor listing via Asiabest suggests that Okada Manila’s financial position is robust enough to support growth without additional measures. The sale of the Asiabest stake is a logical step to concentrate on core competencies and improve operational efficiency. For investors and market observers, this is a positive signal, highlighting the strength of Okada Manila and the strategic foresight of its parent company.
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