Universal clueless on Okada Manila backdoor listing plan

Looks like Japanese casino mogul Kazuo Okada has kept Universal Entertainment Corp in the dark with his plan to list Okada Manila in the Philippine Stock Exchange (PSE) through the backdoor.

In a regulatory filing, the Japanese gaming conglomerate said the company is unaware of Okada’s plans to acquire a Philippine-listed holding firm Bright Kindle Resources and Investments Inc. (BKR) for the prospective backdoor listing of Tiger Resort, Leisure & Entertainment Inc (TRLEI).

“There was an overseas media coverage (Philippine Daily Inquirer) stating that Mr. Kazuo Okada, former Chairman and Director of Universal Entertainment Corporation (hereinafter referred to as the “Company”), will acquire the management rights of a listed company in the Philippines in an attempt to merge Okada Manila, an integrated casino resort project of the Company, into the company,” Universal said. “However, the Company is not aware of any such actions by him.”

Last Monday, The Philippine Daily Inquirer reported that the acquisition of BKR will take place in the next few weeks, “barring unforeseen event.” The report added that the actual infusion of the gaming business into the listing vehicle could take about two years.