A group of shareholders of Asiabest Group International Inc. (PSE: ABG) and Tiger Resort Asia Ltd have signed a share purchase agreement. Tiger is a Hong Kong corporation and is currently the majority shareholder of Tiger Resort, Leisure and Entertainment Inc. doing business under the name and style of Okada Manila.
Under the agreement, the sellers shall sell 200,000,000 ABG shares for the total purchase price of PhP646,500,000.00. The sale shall be effected by way of special block sale through the PSE on 12 November 2018, or at a date which may be mutually agreed upon by the parties. As a result of the sale, Tiger shall obtain control of 2/3 of the outstanding capital stock of ABG.
Soon after this agreement, Tiger shall conduct a Tender Offer to be completed prior to closing date.