AsiaBest plummets as Okada threatens to stop sale transaction
AsiaBest Group Inc. tanked 29.3 percent Friday after Japanese gaming tycoon Kazuo Okada warned of looming legal headwinds amid Tiger Resort Asia Ltd.?s planned acquisition of the listed investment firm.
Shares of ABG dived to P29.05 apiece from P41.10 Thursday. A total of 3.028 million shares worth P99.93 million changed hands.
Okada warned the Philippine Stock Exchange of the ongoing ownership tussle involving Tiger Asi.a. He also asked the PSE to order ABG “to do a full disclosure of the share purchase transaction with Tiger Asia to ensure transparency and allow him to ?to protect his interests in the company which operates the $2.4 billion integrated resort Okada Manila.
Tiger Asia is acquiring two-thirds of ABG for P646.5 million in a special block sale targeted on Nov. 12.
?Asiabest, 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 TRAL?s authority to enter into such transaction,? Okada?s lawyers said.
Okada is considering filing criminal, civil and administrative charges against the concerned entities.
He earlier sued Tiger Asia and its directors and officers for illegally ousting him.
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