Kazuo Okada has urged the Philippine Stock Exchange to order Asiabest Group to reveal the details of its proposed takeover.
Philippines.- Hong Kong-registered Tiger Resort Asia Ltd is set to takeover Philippine-listed Asiabest Group International Inc (ABG) in November but one of its shareholders, casino tycoon Kazuo Okada, is contesting the deal. In a letter sent on September 13th, the Japanese businessman has urged the Philippine Stock Exchange (PSE) to order Asiabest to disclose the full details of any transaction.
Not only did Mr Okada turn to the PSE, but his lawyers also asked the Capital Markets Integrity Corporation in Manila to research the details of the deal between Asiabest and Tiger Resort. He has voiced his concern and his determination to protect his interest in the latter, of which he owns a 34.41% share. He also explained that he wasn’t consulted about the agreement for the takeover, which is set to be executed on November 12th.
“ABG, as a publicly listed company, should make a full disclosure of its impending sale transaction with Tiger Asia, particularly that there is a legal controversy on Tiger Asia’s authority to enter into such transaction,” Mr Okada said in one of his letters.