Tiger Resort Asia Limited (TRAL), owner of the Okada Manila casino, will be purchasing two-thirds of Asiabest Group International Inc. (ABG), a holding firm listed in the Philippine Stock Exchange (PSE).

ABG stated in a filing that it had sold 200 million shares, approximately 66.6% of the company, for PHP646.5 million ($12 million). TRAL’s parent company Universal Entertainment Corp. (UEC), in its announcement, said, “The purpose of acquiring the… shares is to locally list the shares of casino operating company in Philippines.” It added, “The view of the Company is that the impact that the agreement in question will have on its consolidated business results for the fiscal year ending December 31, 2018 is minute.”

The sale will be conducted “by way of Special Block Sale through the PSE on 12 November 2018 or at a date which may be mutually agreed upon by the Parties (‘Closing Date’)… Soon after this Agreement, Tiger shall conduct a Tender Offer to be completed prior to Closing Date.”

News outlet the Philippine Daily Inquirer had reported that TRAL had considered other listed firms prior to the agreement with ABG, but “an intra-corporate squabble” prevented any deal from pushing through.