Okada Universal Entertainment Corp has sold its entire 40% stake in Eagle II Holdco Inc. to All Seasons Hotels & Resorts Corp. for $2.9 million.

According to a filing with the Japanese Stock Exchange, Universal Entertainment Corp has completed the sale in January. All Seasons is owned by Antonio Cojuangco, a Filipino businessman and relative of the country’s president.

“If true, they will be able to address the issue of the nationality problem,” PAGOR President Jorge Sarmiento told Reuters, adding that the regulator had yet to receive official confirmation of the sale.

The sale would resolve a potential legal as local law prevents foreign firms from owning over 40% of land and in 2012 and a legal opinion by the justice department unit said that Universal own more than the limit.