Tiger Resorts to buy two-thirds of Asiabest

ABS-CBN News

Posted at Sep 11 2018 10:52 AM

Okada Manila situated within the Entertainment City in Paranaque. Photo: Okada Manila website

MANILA -- Tiger Resorts Asia Ltd, the operator of Okada Manila, will buy P646 million in shares of Asiabest Group International, Asiabest told the stock exchange Tuesday.

With the purchase of 200 million shares, Tiger will have two-thirds control of Asiabest, the company told the stock exchange.

The transaction will also provide Tiger a backdoor listing in the Philippine Stock Exchange.

A special block sale was scheduled on Nov. 12, Asiabest said.

-- with a report by Michelle Ong, ABS-CBN News