Universal says unaware of Okada's alleged backdoor listing plans
“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. However, the Company is not aware of any such actions by him,” Universal said in a statement.
“Okada Manila, an integrated casino resort in the Manila Bay area of the Philippines, is operated by Tiger Resort Leisure & Entertainment, Inc. (TRLEI), a consolidated subsidiary of the Company, which indirectly owns 99% of its shares. Mr. Kazuo Okada resigned as a Director of TRLEI and as a Director of the Company on June 16 and June 29, 2017 respectively,” the statement added.
“At present, the Company is reviewing the possibility of an IPO of TRLEI, and we will disclose promptly if any such plan is decided and materialized.”
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