Japan’s Universal Entertainment says it has no knowledge of plans by former chairman Kazuo Okada to obtain a backdoor listing for the country’s Philippine unit in Manila.
Earlier this week, newspaper reports said that Okada would acquire the management rights of a listed company in the Philippines. He planned to merge the group’s Okada Manila resort with the company to obtain a backdoor listing. “However, the Company is not aware of any such actions by him,” Universal reportedly said in a regulatory filing.
The news reports had said that Okada planned to acquire Bright Kindle Resources and Investments for the prospective backdoor listing of Tiger Resort, Leisure & Entertainment, which operates the Okada Manila resort.
Tiger’s parent company pointed out that Okada is no longer a director of the company as he was ousted amidst fraud allegations in June and therefore is not in a position to decide.
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