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ABG jumped 17.49% in one day as loosening of restrictions made market fantasize on Okada Manila going public one day

Asiabest Group International (ABG) jumped 17.49% on October 27, 2020 trading to close at 8.80 Pesos a share. Within that trading day it surged to as high as 9.50 a share. Volume on that trading day was at 207,900. That volume is eight times its 65-day average. It was commented earlier that the market is beginning to remember ABG. The market has been upbeat lately due to the loosening of restrictions around the country. PSEI rose from an opening of 5,921.34 on October 16, 2020 to a closing of 6,491.19 on October 26, 2020.

The optimism of the market for better days ahead as the country loosen its pandemic restrictions has also put to mind Okada Manila. Okada Manila is a casino resort and hotel complex located on the Entertainment City gaming strip in Parañaque, Metro Manila, Philippines. Okada Manila occupies an area of 45 hectares (110 acres) of the Entertainment City 26,410.77 square meters allotted to gaming. The hotel building of Okada Manila is composed of the Pearl and Coral Wings with each wing having 15 floors to be connected by two sky bridges. The glass facade of the building has a gold color representing the hue of Manila Bay’s sunset and is one of the casino’s key themes. The US$2.4 billion phase one of the casino project includes 993 hotel rooms. More than 3,000 electronic gaming machines and 500 table games were planned to be installed in the casino complex. Included in Okada Manila’s amenities are The Retreat Spa, a full-service wellness center that offers luxury spa services; and PLAY, an indoor facility for the learning-oriented entertainment of children and teens. There is also an allotted 8,409 square meters shopping area within the casino resort.

No doubt Okada Manila is a tremendously valuable asset once it goes to market. The loosening of restrictions had the market excited on the prospects of Okada Manila going to market one day.

Asiabest Group International Inc. (ABG) is a shell company controlled by Tiger Resort Asia Limited. Tiger Resort Asia Limited is a foreign company incorporated in Hong Kong.

Tiger Resort Asia Limited is 100% owned by Universal Entertainment Corporation, a foreign company incorporated in Japan and listed in the Tokyo Stock Exchange.  Universal Entertainment Corporation is controlled by Okada Holdings, Ltd., which owned most of its shares. Okada Holdings, Ltd. is a company incorporated in Hong Kong. The casino resort Okada Manila is run by Tiger Resort Asia Limited of Hong Kong which is the controlling stockholder of Asiabest Group International Inc.  Tiger Resort Asia Limited controls ⅔ of Asiabest Group International.

The 8.80 present price of ABG is still a far cry from the 32.85 a piece in February 2019 after the ABG shares purchased by Tiger Resort Asia Limited were crossed at the stock exchange.

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Disclaimer and Disclosure: This is an independent analysis for discussion purposes with the aim of giving stock traders and investors an independent viewpoint.  Accuretti Systems Inc. in day to day trading may have owned, or is considering buying or disposing, the shares of the companies mentioned in this commentary.

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