Tiger Resort Asia, a subsidiary of Japan’s Universal Entertainment Corp., said the share transfer to buyer Leyte tycoon Francis Lloyd Chua’s Premiumlands Corp. is now expected to close by Aug. 8, 2025, instead of end-July.
The typhoon delayed key paperwork needed to lift Asiabest’s trading suspension on the Philippine Stock Exchange. This is a condition required before the shares can legally change hands.
What Asiabest is saying
“Although the preparation for the application to lift the suspension of trading on the Philippine Stock Exchange—which is mandatory for the completion of the transfer of shares—has been progressing, additional time beyond our expectation is required for the completion of the application,” it said in a stock exchange filing.
“This is mainly due to the suspension of work in government offices for almost the entire week of July 21, 2025, because of severe rains and weather conditions in the Philippines at that time,” it said.
“This delay has led to the rescheduling of the execution date of the transfer of shares,” it added.
7-month suspension
Asiabest shares were last traded on December 16, 2024, amid the acquisition of the company and Chua’s move to list Premiumlands through a backdoor listing.
This marks at least the third rescheduling of the transaction, which was first announced in December 2024.
—Edited by Miguel R. Camus
