SEC junks move to stop Tiger Resort tender offer

SEC junks move to stop Tiger Resort tender offerhome/Business/Corporate News/SEC junks move to stop Tiger Resort tender offerTHE Securities and Exchange Commission (SEC) has dismissed a petition to block the tender offer and backdoor listing of Tiger Resort Leisure and Entertainment, Inc. (TRLEI)In an eight-page decision by SEC Markets and Securities Regulation Department Director Vicente Graciano Felizmenio Jr. and dated December 11, but released on Friday, the SEC denied Asiabest Group International, Inc. shareholder Carnell Valdez’s complaint against the Okada Manila operator’s parent company Tiger Resort Asia Ltd. (TRAL); First Resources Management and Securities Corp.; Philippine Stock Exchange (PSE); and Asiabest for the latter’s non-disclosure of TRAL’s involvement in civil and criminal suits in Hong Kong over the ownership and control of Okada Holdings Ltd. (OHL), Universal Entertainment Corp. (UEC) and TRAL. Charged were Kazuo’s son Tomohiro and incumbent UEC President and Chief Executive Officer Jun Fujimoto. In its decision, the SEC said the complainant did not present any proof of this approval, adding that the Hong Kong proceedings weonly material and must be disclosed if the persons charged were convicted. This means the closing of the offer did not push through as planned on December 14. Shares of Asiabest ended down by P1.05 to P26.25 apiece, bucking the PSE index’s 0.02-percent rise on Friday.

December 16, 2018 20:26 UTC

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