Announcement Regarding Capital Tie-up With One of Our Group Companies
TOKYO, Nov. 1, 2013 (GLOBE NEWSWIRE) -- On October 31, 2013, Eagle I
Landholdings, Inc., one of Universal Entertainment Corporation's group
companies that owns land in the Philippines, signed an agreement that two
Philippines business partners will hold voting preferred shares which Eagle I
will issue. Following is the summary of this agreement.
Eagle I Landholdings, Inc., one of Universal Entertainment Corporation's group
companies that owns land in the Philippines, signed an agreement with two
Philippines business partners, Century Properties Group, Inc. and First
Paramount Holdings 888, Inc. that these two companies will hold 720,000,000
voting preferred shares that Eagle I will issue.
This issuance of 720,000,000 voting preferred shares results in more than 60%
of Philippines national ownership of Eagle I, and this agreement will create a
more favorable situation in response to the land ownership requirements.
Also, as part of this agreement, Eagle I and Century Properties Group, Inc., a
leading public real estate developer in the Philippines focused on luxury
developments behind key projects such as the Trump Tower in Manila, the first
Forbes Office Tower in the world, Versace and Missoni condominiums, along with
working with key architects such as Pei Cobb Freed and Daniel Libeskind,
entered into a development agreement to develop residential and shopping
center on 5 hectares, within the 44 hectares development called Manila Bay
3. Overview of Capital Tie-Up with Two Business Partners
A) Partner's Name: Century Properties Group, Inc. (Real Estate Developer)
Shares issued: 432,000,000 shares (60% of the newly issued voting preferred
B) Partner's Name: First Paramount Holdings 888, Inc.
Shares issued: 288,000,000 shares (40% of the newly issued voting preferred
4. Impact on Business Results and Future Outlook
The impact of this agreement on the financial forecasts of the Company will be
minimal. We will make an appropriate disclosure if any future events occur,
such as the determination whether it is categorized as a subsidiary or not.
CONTACT: MEDIA CONTACTS:
Universal Entertainment Corporation (JASDAQ Code: 6425)
Contact: Akiko Ogasawara, PR&IR OFFICE
Ariake Frontier Bldg,A,3-7-26 Ariake,koto-ku,Tokyo,135-0063 JAPAN
TEL: +81-3-5530-3055 (switchboard)
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