Property holding firm Bright Kindle Resources and Investments Inc says it is unaware of any potential moves by its parent company to sell it to representatives of under-fire Japanese casino tycoon Kazuo Okada.
Philippines media outlet Inquirer reported on Monday that Okada is in talks with RYM Business Management Corp to acquire Bright Kindle in order to publicly list recently opened integrated resort Okada Manila on the Philippine Stock Exchange via a backdoor-listing.
The report said that Okada’s representatives had looked at three publicly listed companies to potentially take over, with Bright Kindle now its preferred option. If successful, Okada Manila would then be slowly infused into Bright Kindle.
In a filing late Monday, Bright Kindle said, “We clarify that Bright Kindle Resources and Investments Inc (BKR) is not aware of discussions with Okada Manila. BKR is not aware of the transactions of its parent, RYM Business Management Corp, being a separate company. We shall inform the Exchange and the public of any material information as required under existing rules.”
RYM acquired an 81.77% stake in Bright Kindle in 2013 from Rizal Commercial Banking Corp.
Backdoor listings have been common among Manila’s casino operators in recent years.
In 2012, Bloomberry Resorts – owner and operator of Solaire Resort & Casino – used a backdoor listing via Active Alliance Inc, while Melco Resorts did the same via Manchester International Holdings Unlimited Corp.
