Okada secures new partnerships

After unsuccessful attempts to secure a partnership with a local firm that left its planned business venture in Entertainment City idling, Japanese Tycoon Kazuo Okada finally secured deals with Philippine firms, agreeing to issue the local firms as much as 720 million voting preferred shares.

In a filing with the Tokyo Stock Exchange, Universal Entertainment Corp. disclosed that its affiliate in the Philippines, Eagle I Landholdings Inc., has just signed an agreement allowing Philippine business partners, Century Properties Group, Inc. and First Paramount Holdings 888, Inc., to hold as much as 720 million voting preferred shares which Eagle I will issue.