60 percent of the project is in Filipino hands
Okada’s Universal sells part of Manila Bay project
(Philippines).- Japanese businessman Kazuo Okada’s Universal Entertainment has signed a deal with a Philippine developer that appears to be meant to calm a legal storm over a us$ 2-billion gaming project in Manila.
2013-11-04
Reading time 32 seg
(Philippines).- Japanese businessman Kazuo Okada’s Universal Entertainment has signed a deal with a Philippine developer that appears to be meant to calm a legal storm over a us$ 2-billion gaming project in Manila.
Century Properties Group signed a deal to develop 5 hectares of a 44-hectare site earmarked for an entertainment and gaming project. It also acquired a 26-percent interest in the Universal subsidiary that controls the Manila land.
Universal’s move appears to be meant to undermine allegations that it broke Philippine law by setting up dummy companies to get around a rule that limits foreign ownership of land to 40 percent.
In a separate deal, Universal sold another parcel of shares in its Philippine subsidiary to First Paramount Holdings 888.
The combined effect of both deals means 60 percent of the project is in Filipino hands, Universal said.
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