The Okada Group-controlled Tiger Resort Asia Ltd. sold its entire 66.67 percent stake in Asiabest Group, the listed company said on Friday.
The transaction, involving 200 million shares worth around P5.2 billion at the current market price, was first reported by the news website Bilyonaryo.
The Philippine Stock Exchange issued a trading halt on Asiabest shares on Friday morning to allow investors time to digest the announcement.
Tiger Resort Asia initially acquired Asiabest in 2019 as a potential backdoor listing vehicle.
It ultimately decided not to pursue the deal involving its $3 billion integrated casino along Manila Bay and is instead considering an initial public offering, subject to market conditions.
Property backdoor?
PremiumLands is chaired by businessman and engineer Francis Lloyd Chua.
The company previously acquired The Mondrian office building in Makati and later developed PMI Tower in the same area. It also built Market Mall in Ormoc City and has plans to expand into affordable housing.
Market speculation
Asiabest is among the best performing stocks this year having gained over 770 percent. At the present share price of P26.20 each, the company is valued at nearly P7.9 billion.
It has almost tripled in value over the past month before the deal was disclosed.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
