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Universal issuing treasury shares for Okada Manila

Japan’s Universal Entertainment is disposing of treasury shares through an international offering and third-party allotment to raise funds for operations at its $2.4 billion Okada Manila resort in the Philippines.

The company said the shares will be issued in two separate operations, one an offer to international investors and the other, through a third-party allotment of special acquisition rights to Deutsche Bank London.

The transactions are expected to raise more than 24 billion yen ($199 million), the company said late last week.

Universal said it raised the number of shares available in its international offering to 5.5 million, from an original plan to offer 5 million after strong interest from investors during the book building stage.

The funds will be provided to Tiger Resorts and Leisure, the company’s Philippine unit, to provide capital to boost its employee numbers: to fund marketing efforts aimed at attracting high value customers and expanding overseas bases.

Okada Manila is scheduled to open later this month and will be the third and largest resort in Manila’s Entertainment City.

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