MANILA, Philippines — The Securities and Exchange Commission (SEC) has ordered Tiger Resort Asia Limited (Tiger Resort) to file an amended tender offer report regarding its take-over bid of Asiabest Group International Inc. (ABG).
The SEC said the amended report must fully disclose “…factual information relative to the conflict which led to the filing of civil and criminal cases (by casino magnate Kazuo Okada and daughter Hiromi Okada) against the directors and officers of Universal Entertainment Corp. (UEC) and Okada Holdings Limited (Okada Holdings) in Hong Kong, and (the) status of the same.”
Furthermore, the SEC directed Tiger Resort to immediately cause the publication of the amendment once in two newspapers of general circulation, and to extend the tender offer period for 10 business days from the said publication.
The SEC gave the order through an eight-page decision by Vicente Graciano Felizmenio, director of the SEC’s Markets and Securities Regulation Department (MSRD).
The SEC said the filing of an amended tender offer would prevent any grave and irreparable damage to shareholders of ABG and the investing public.
Earlier, an ABG shareholder alleged that Tiger Resort violated the implementing rules and regulations of the Securities Regulation Code (src Rules) in omitting in its tender offer report information about the legal disputes in Hong Kong involving Okada.
Salvador Paolo Panelo, Jr., counsel for ABG shareholder Carnell Valdez, said their camp welcomes the SEC’s order directing Tiger Resort to delay the tender offer until after a full disclosure is made.
Valdez claimed Tiger did not include information on the legal proceedings initiated by Kazuo and Hiromi Okada.
Okada and his daughter have initiated civil and criminal proceedings in Hong Kong to regain control of Okada Holdings and to secure criminal convictions for fraud and financial crimes those responsible for his alleged illegal ouster as director and chairman of Okada Holdings, Universal Entertainment Corp, Tiger Resort and Okada Holdings in 2017.
Okada Holdings is the controlling shareholder of UEC, which in turn is the 100 percent owner of Tiger Resort.
Tiger Resort owns Tiger Resort Leisure & Entertainment Inc., the operator of Okada Manila.