A ranking official of the Okada Manila integrated casino along Manila Bay said they have yet to pull the trigger on an initial public offering (IPO) after InsiderPH reported they were considering a Philippine public listing worth as much as $750 million (P44 billion).
“We wish to clarify that as of this time, there is no definitive plan or decision to do an initial public offering of Okada Manila,” said Kenji Sugiyama, chief managing director of Okada Manila.
Sugiyama made the clarification via Asiabest Group International Inc. (ABG), a Philippine-listed company with no business operations and zero revenues. ABG is owned by the casino’s operator, Universal Entertainment of Japan.
“ABG does not expect or anticipate any effects on the business, financial condition, or operations of ABG,” added Sugiyama, who is the president of ABG.
On Monday, InsiderPH reported that Okada Manila is planning an IPO worth $500 to $750 million in 2025.
There were previous discussions to list the casino using ABG as a backdoor vehicle, but the IPO is now the preferred route given Okada Manila’s profit track record, two sources said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
