Japanese casino mogul Kazuo Okada is eyeing to expand its footprint in the Philippines through a possible backdoor listing.

The Philippine Star reported that Okada is toying with the idea to join the Philippine Stock Exchange through a backdoor listing.

Traders in the Philippine bourse are speculating that Okada is on the watch for a Philippine listed company to acquire. Market insiders are particularly keeping an eye on Chemical Industries of the Philippines (CIP) and LMG Chemical Corp.

CIP, which is the principal shareholder of LMG, is reportedly selling 65.92 percent of its shareholdings in the company. The move, according to market insiders, may be Okada’s backdoor entry.