Universal Ent reportedly planning to list Okada Manila
Universal Entertainment is said to be planning to list the entity on the Philippine Stock Exchange.
The Philippines.- Universal Entertainment aims to list Okada Manila on the Philippine Stock Exchange (PSE) by 2025, according to media outlet InsiderPH. It’s said the company plans an initial public offering (IPO) valued between US$500m and US$750m. BDO Capital & Investment Corp and CLSA have reportedly been hired to arrange the deal.
A listing was planned for late 2024 but was delayed due to uncertain market conditions and efforts to refinance US$760m in obligations maturing in December.
A merger agreement with blank-chequek firm 26 Capital Acquisition Corp announced in October 2021 was intended to allow Universal to list on the Nasdaq and combine Universal with its Philippine subsidiary Tiger Resorts Asia, which regained control of Okada Manila in September 2022. However, Universal Entertainment called off the agreement, accusing 26 Capital of disregarding SEC laws and misleading investors.
Okada Manila’s gross gaming revenue (GGR) was down 5.8 per cent quarter-on-quarter and 24.1 per cent year-on-year at PHP8.78bn (US$154m) in the first quarter of the year.
